With regard to the European Monetary Union, the representatives of the opinion that a secretive currency would sooner or later compulsorily bring about the unification of an economic area that also had different characteristics. – This view was opposed by the economists. They demanded first of all a unification of the economic and financial policies of the states willing to enter into a monetary union. The common currency could and should only be the crowning conclusion (grand finale) of an economic community. – The EMU Treaty attempted to find a compromise between the two views; the Stability and Growth Pact was intended to ensure economic policy consistency. – In retrospect, the economists’ viewpoint proved to be basically correct. The Stability and Growth Pact was not adhered to; and in the wake of the financial crisis that followed the subprime crisis, the ECB’s monetary policy widely became nothing more than anti-crisis policy. – See Becket effect, ECB fall from grace, money multiplication, monetary union-internal, Greek crisis, peer pressure, renationalization, monetary, bailout, seat-order dispute, southern front, redistribution, central bank-influenced.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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