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Lessons for Europe from German Monetary Union

Author

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  • Marcel Fratzscher

Abstract

Precisely 25 years ago, on July 1, 1990, German monetary union came into force. On the same day, capital controls in Europe were abolished, creating the basis for European monetary union and the euro. These two historical events fundamentally changed Germany and the rest of Europe. Both German and European monetary union were and still are being heavily criticized and debated. Was the design of German monetary union wrong? Was it a mistake to adopt the euro? Particularly in terms of finding a solution to the current European crisis, it is important to understand what lessons Europe can take from German monetary union.

Suggested Citation

  • Marcel Fratzscher, 2015. "Lessons for Europe from German Monetary Union," DIW Economic Bulletin, DIW Berlin, German Institute for Economic Research, vol. 5(27), pages 361-364.
    • Handle: RePEc:diw:diwdeb:2015-27-1
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    More about this item

    Keywords

    German unification; European Currency Union; Greece;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F15 - International Economics - - Trade - - - Economic Integration

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