Abstract
This paper examines money, the least theorized of Polanyi's fictitious commodities, whose value to human's livelihood warrants extensive regulatory oversight in the price-setting mechanism.In doing so, it contributes to the scholarship that explores the variegated nature of countermovements which can be engendered by unforseen agents deploying various means, often market-based.In light of extensive central bank intervention in the economy, Polanyi's claim about the fictitious character of money deserves credence.This paper argues that the non-conventional policy instrument of quantitative easing in the Eurozone serves the function of protecting society from the commodity fiction of money.The ECB's lender of last resort function is a quintessential counter-measure akin to those extended to labour and land.Yet, despite its protective disposition, the ECB's involvement in managing the currency does not engender a double movement, it rather faces political limits in engendering indiscriminate macro-economic stabilization across an increasingly polarized monetary union.