50 Years of the German Mark: Essays in Honour of Stephen F. by J. Hölscher

By J. Hölscher

This well timed assortment provides an authoritative evaluate of 1 of the 3 key currencies of the second one 1/2 the 20 th century, the German Mark. In his keynote essays, Charles A.E.Goodhart displays at the way forward for the Euro opposed to the history of the good fortune tale of the Deutsche Mark. His major predicament is, no matter if economic coverage in Euroland should be prepared for motion in case of an financial downturn. He additionally wonders even if the eu principal financial institution often is the similar protect opposed to inflation because the Bundesbank used to be. at the comparable factor of balance orientation Hans Tietmeyer studies the fifty years life of the German Mark declaring that the Bundesbank will proceed to have a say in the eu crucial financial institution. particularly he emphasizes the important a part of the Deutsche Mark as cornerstone of the so-called Social marketplace economic climate in postwar Germany. the amount should be of significant curiosity to teachers and practitioners alike.

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On occasion domestic misalignments jeopardized monetary stability. At other times there were external constraints through the exchange rate. Safeguarding and regaining internal stability also often required unpleasant measures. From time to time the Bundesbank came into conflict with the politicians, for the first time back in the early 1950s. But there have been periods, too, in which the exchange rate parity of the DM was inappropriate. During some phases the external value of the DM was too low.

24 Like the Western reform, the Soviet Currency Reform involved both the substitution of one currency for another (in the absence of new notes effected through the gumming of coupons on to RM notes) and the sterilization of monetary assets. The actual course of the reform mirrored the procedures already outlined. The basic rate of conversion was 10:1, as in the West, but with a differential rate of exchange applied so as to implement a measure of redistribution. A rate of 1:1 was used on the first 70 RM surrendered, with savings deposits being converted at a rate of 1:1 on balances up to a value of 100 RM, and 5:1 up to 1000 RM.

Let me give you an example. The issue of whether the UK can, and should, join monetary union is far less affected by the question of whether cyclical convergence has been achieved, than by whether the main opposition party, or indeed Mr Rupert Murdoch personally, has become reconciled to that eventuality. Why should the participating nations welcome entry by the UK, if a major party, liable to regain office shortly thereafter, was then threatening to take us out again? But if you see monetary union essentially as a political act, as I do, for example in my forthcoming article 'The Two Concepts of Money' in the European Journal of Political Economy, then how would one assess its chances of future success?

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