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This timely collection presents an authoritative overview of one of the three key currencies of the second half of the twentieth century, the German Mark. In his keynote essays, Charles A.E.Goodhart reflects on the future of the Euro against the background of the success story of the Deutsche Mark. His main concern is, whether fiscal policy in Euroland will be ready for action in case of an economic downturn. He also wonders whether the European Central Bank will be the same safeguard against inflation as the Bundesbank was. On the same issue of stability orientation Hans Tietmeyer reviews the fifty years lifetime of the German Mark pointing out that the Bundesbank will continue to have a say within the European Central Bank. In particular he emphasizes the vital part of the Deutsche Mark as cornerstone of the so-called Social Market Economy in postwar Germany. The volume will be of great interest to academics and practitioners alike.
Ein Rückblick auf 50 Jahre D-Mark
Jens Hölscher (Herausgeber): 50 Years of the German Mark. Palgrave, Basingstoke 2002, 229 Seiten, 47,50 Pfund.
Während die einen beim Bezahlen auch ein Jahr später noch immer von Euro in D-Mark umrechnen, ist für andere die europäische Währung kaum mehr gewöhnungsbedürftig. Wie auch immer - die stabile D-Mark ist Vergangenheit. Dennoch ist sie als Ergebnis der Währungsreform nach dem Zweiten Weltkrieg eng verknüpft mit Erinnerungen an Aufschwung und Wohlstand. Jens Hölscher hat mit Hilfe namhafter Währungsexperten ein Buch herausgegeben, das an jene Währung erinnert, die 50 Jahre lang eine der drei wichtigsten Währungen der Welt war. So ist es kein Zufall, daß das Buch mit einem Aufsatz von Charles Goodhard beginnt, der die "Erfolgsstory Deutsche Mark" der unsicheren Zukunft des Euro gegenüberstellt. Wie wichtig eine unabhängige Zentralbank ist, betont daneben auch Hans Tietmeyer. Er erinnert auch an die D-Mark als Eckpfeiler der Sozialen Marktwirtschaft. Auch Geoffrey Wood geht der Frage nach, ob der Europäischen Zentralbank am Ende doch zuviel Freiheiten gewährt wurden. In Ergänzung dazu erinnert Norbert Kloten daran, wie wichtig die Stabilität der Geldpolitik ist: "A stable currency policy and the macroeconomics state of affairs have to be compatible." Eine wachsende Volkswirtschaft, verbunden mit einer geringen Arbeitslosenquote und einem außenwirtschaftlichen Gleichgewicht, sei ohne eine stabile Währung undenkbar. Dies ist keineswegs eine neue Erkenntnis. Dennoch kann sie nicht oft genug wiederholt werden, zumal wenn es um die Politik der EZB im Euro-Raum geht. Am Ende des Buches äußert sich Samuel Brittan über die Bedeutung soliden Geldes und erwähnt in diesem Zusammenhang die Währungskrisen der vergangenen Jahre. Er erinnert an die stetige Politik der Bundesbank, betont aber, daß auch diese Fehler gemacht habe. Dies ist ein Buch, das für all jene Leser aus der Akademie und Praxis von Interesse sein dürfte, die aus der Vergangenheit für die Zukunft lernen wollen.
INDIRA GURBAXANI
Alle Rechte vorbehalten. © F.A.Z. GmbH, Frankfurt am Main
'The book gives a deep insight into different aspects of the DM as one of the most successful currencies of the last century. With the exception of one chapter all essays are non-technical and, therefore, allow a fast and easy access to the respective topic. This book is fun to read since all authors enrich the ongoing debate on how to deal with the legacy of the DM and the Bundesbank by stating controversial political views.' - Jürgen Born and Wim Kösters, Kredit und Kapital
'With the collection of these ten articles, the volume succeeds to draw a bow between the past of 50 years of the German Mark and the future of European monetary policy. The book demonstrates the significance of the 1948 currency reform and of the foundation of the Bundesbank for economic development in (West') Germany. Simultaneously, it pinpoints the chances and risks involved by a copy of the Bundesbank's institutional structure to the European Central Bank. Insofar, the present book is absorbing notonly for those interested in German monetary history but even for those readers interested in proper design and in functionality of monetary institutions...' - Uwe Vollmer, Journal for East European Management Studies
'As a result of the confluence of British and German monetary thought, this rich and multifaceted collection of essays is a very readable book on the recent history of monetary thought and of important monetary institutions, as well as on the perspectives of monetary policy in Europe.' - Bertram Schefold, European Journal of the History of Economic Thought.
'This is a book which should be of interest to all those readers among academics and practitioners who wish to learn from the past for the future.' - Indira Gurbaxani, Frankfurter Allgemeine
'With the collection of these ten articles, the volume succeeds to draw a bow between the past of 50 years of the German Mark and the future of European monetary policy. The book demonstrates the significance of the 1948 currency reform and of the foundation of the Bundesbank for economic development in (West') Germany. Simultaneously, it pinpoints the chances and risks involved by a copy of the Bundesbank's institutional structure to the European Central Bank. Insofar, the present book is absorbing notonly for those interested in German monetary history but even for those readers interested in proper design and in functionality of monetary institutions...' - Uwe Vollmer, Journal for East European Management Studies
'As a result of the confluence of British and German monetary thought, this rich and multifaceted collection of essays is a very readable book on the recent history of monetary thought and of important monetary institutions, as well as on the perspectives of monetary policy in Europe.' - Bertram Schefold, European Journal of the History of Economic Thought.
'This is a book which should be of interest to all those readers among academics and practitioners who wish to learn from the past for the future.' - Indira Gurbaxani, Frankfurter Allgemeine