The EPR problem is studied both from an instrumentalistic and from a realistic point of view. Bohr's reply to the EPR paper is analyzed and demonstrated to be not completely representative of Bohr's general views on the possibility of defining properties of a microscopic object. A more faithful Bohrian answer would not have led Einstein to the conclusion that Bohr's completeness claim of quantum mechanics implies nonlocality. The projection postulate, already denounced in 1936 by Margenau as the source of the (...) EPR paradox, is found to be also at the origin of the nonlocality conundrum. Its unobservability in EPR-like experiments is demonstrated, thus showing the redundancy of the idea of nonlocality in the instrumentalist interpretation of quantum mechanics. It is argued that also from a realist point of view there is no reason to assume nonlocality. The relevance of Bohm's quantum potential and of Bell's inequalities with respect to the (non)locality problem is discussed. (shrink)