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

By J. Hölscher

ISBN-10: 0230378552

ISBN-13: 9780230378551

ISBN-10: 0333714598

ISBN-13: 9780333714591

ISBN-10: 134941283X

ISBN-13: 9781349412839

This well timed assortment provides an authoritative assessment of 1 of the 3 key currencies of the second one 1/2 the 20th century, the German Mark. In his keynote essays, Charles A.E.Goodhart displays at the way forward for the Euro opposed to the historical past of the luck tale of the Deutsche Mark. His major challenge is, even if monetary coverage in Euroland should be prepared for motion in case of an financial downturn. He additionally wonders no matter if the ecu principal financial institution stands out as the related shield opposed to inflation because the Bundesbank was once. 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 ecu imperative financial institution. specifically he emphasizes the very important a part of the Deutsche Mark as cornerstone of the so-called Social marketplace economic climate in postwar Germany. the quantity may be of serious curiosity to teachers and practitioners alike.

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Additional resources for 50 Years of the German Mark: Essays in Honour of Stephen F. Frowen

Example text

The conference also covered the academic topics which Stephen has made his great speciality, both in his early years on The Bankers' Magazine and subsequently as an academic, to wit the study of monetary economics, policies and institutions in Germany and in the UK. As his many honours eloquently testify, Stephen has, and continues, to do great work in this field, explaining German issues to us in the UK, and, what is much harder, explaining the twists and turns of British monetary policies in Germany.

Let me try to explain why. The easiest way to do so is to note what appears to me to be a Keynote Speech 5 contradiction between the adoption of a supra national European monetary system, and the recently re-enforced determination to place national considerations first and foremost in fiscal policies. I was privileged to serve as an outside expert on a European Commission (EC) working party which had been set up at the outset of this decade to review and reconsider the fiscal changes that could and should support the move to a single currency, a kind of 'MacDougall Mark 2'.

Similarly, the Bundesbank has helped to shape that culture of stability in Germany and to underpin it in institutional terms. The experience of 1948 certainly contributed much to the creation of that culture of stability. People saw that a sound currency quickly led to a restoration of economic order. This was no doubt reinforced by the long tradition in Germany of preferring decentralized and separate structures to an absolute concentration of authority. That is perhaps one reason why there is no difficulty in our country about accepting the independence of monetary policy.

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


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