Vom EWS zum Euro: DM und Schilling Hand in Hand (From the EMS to the Euro: DM and Schilling Hand in Hand)
Austrian Institute of Economic Research (WIFO); Vienna University of Technology - Institute for Mathematical Methods in Economics; Statistics Austria
July 1, 2007
WIFO Working Paper No. 298/2007
The focus of this paper is on the similarities and differences of German and Austrian monetary and exchange rate policies, which are analysed against the background of the economic forces which eventually resulted in the creation of the European Monetary Union. The frontline of the struggle for achieving monetary integration in Europe ran between Germany and France, which enhances the role of the D-Mark as an anchor currency not just for Austria, but for Europe at large. In contrast to the very active role of Germany in the monetary integration process, Austria remained virtually passive. However, utilising her experience with a hard currency policy, Austria made an essential contribution to the stability of the system as a whole. Given a history of just a few years, the stability of, and the future risks for, the European monetary system are elaborated.
Note: Downloadable document is in German
Number of Pages in PDF File: 31
Keywords: Hard currency policies, Germany, Austria, future of EMU
JEL Classification: E58, F33working papers series
Date posted: June 20, 2011
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
This page was processed by apollo4 in 0.484 seconds