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20 Jahre Euro: eine Erfolgsgeschichte?
[20 Years of the Euro – a Success Story?]

Author

Listed:
  • Marcel Fratzscher

    (Deutsches Institut für Wirtschaftsforschung)

  • Alexander Kriwoluzky

    (Deutsches Institut für Wirtschaftsforschung)

  • Stefan Schäfer

    (Hochschule Rhein-Main/Wiesbaden Business School)

  • Ulrike Neyer

    (Heinrich-Heine-Universität Düsseldorf)

  • Gerhard Illing

    (LMU Universität München)

  • Otmar Issing

    (Goethe-Universität Frankfurt)

Abstract

Am 1. Januar 1999 wurde der Euro als Buchgeld eingeführt. Schon ein halbes Jahr zuvor war die Europäische Zentralbank gegründet worden. Die Europäische Währungsunion hat mittlerweile einige Krisen überstanden. Probleme gab es vor allem, weil die gesetzten Rahmenbedingungen ihre Wirkung nicht (voll) entfalten konnten: Der Stabilitäts- und Wachstumspakt wurde nicht richtig eingehalten, eine geordnete Staatsinsolvenz ist innerhalb der Europäischen Union nicht möglich. Diese Instrumente sollten in Zukunft reformiert werden. Einen Wandel vollzog sich auch schon in den letzten 20 Jahren: Sowohl die geldpolitischen Instrumente als auch die Ziele der Europäischen Zentralbank haben sich geändert. Die unorthodoxe Geldpolitik wurde kontrovers diskutiert und die Zielorientierung an der Geldmengenentwicklung verlor zunehmend an Bedeutung.

Suggested Citation

  • Marcel Fratzscher & Alexander Kriwoluzky & Stefan Schäfer & Ulrike Neyer & Gerhard Illing & Otmar Issing, 2018. "20 Jahre Euro: eine Erfolgsgeschichte? [20 Years of the Euro – a Success Story?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 98(12), pages 839-858, December.
    • Handle: RePEc:spr:wirtsc:v:98:y:2018:i:12:d:10.1007_s10273-018-2377-5
    DOI: 10.1007/s10273-018-2377-5
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    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • 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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