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Apolitical Money – An Illusion?

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  • Issing Otmar

    (Center for Financial Studies, Goethe University Frankfurt, Frankfurt, Germany)

Abstract

Monetary history is a history of inflation. The Statute of the ECB, as a copy of the Bundesbank Act, can be viewed as an attempt to establish the euro as apolitical money. Experience with the short history of the euro shows the limits of this attempt. Fundamentally, the state remains the final authority in monetary matters. The article begins with a very brief outline of monetary history and the efforts undertaken to achieve a stable currency. The second chapter analyses the Statute of the ECB as an attempt to shield monetary policy from political influence. This is followed by a review of the experience gained in the short history of the euro. The last chapter draws conclusions about the possibilities of apolitical money.

Suggested Citation

  • Issing Otmar, 2023. "Apolitical Money – An Illusion?," The Economists' Voice, De Gruyter, vol. 20(1), pages 79-88, June.
    • Handle: RePEc:bpj:evoice:v:20:y:2023:i:1:p:79-88:n:4
    DOI: 10.1515/ev-2023-0015
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    References listed on IDEAS

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    1. Issing, Otmar, 2019. "Stabiles Geld - eine Illusion?," Beiträge zur Ordnungstheorie und Ordnungspolitik, Mohr Siebeck, Tübingen;Walter Eucken Institut, Freiburg, Germany, edition 1, volume 127, number urn:isbn:9783161588822.
    2. Markus K. Brunnermeier & Harold James & Jean-Pierre Landau, 2016. "The Euro and the Battle of Ideas," Economics Books, Princeton University Press, edition 1, number 10828.
    3. Issing, Otmar, 2019. "Stabiles Geld - eine Illusion?," Beiträge zur Ordnungstheorie und Ordnungspolitik, Mohr Siebeck, Tübingen;Walter Eucken Institut, Freiburg, Germany, edition 1, volume 127, number urn:isbn:9783161588839.
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    More about this item

    Keywords

    currency; central banks; ECB;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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