50 Years of the German Mark: Essays in Honour of Stephen F. by J. Hölscher

By J. Hölscher

This well timed assortment offers an authoritative evaluation of 1 of the 3 key currencies of the second one half the 20 th century, the German Mark. In his keynote essays, Charles A.E.Goodhart displays at the way forward for the Euro opposed to the heritage of the luck tale of the Deutsche Mark. His major difficulty is, even if economic coverage in Euroland might be prepared for motion in case of an financial downturn. He additionally wonders even if the ecu important financial institution stands out as the related guard opposed to inflation because the Bundesbank used to be. at the related factor of balance orientation Hans Tietmeyer stories the fifty years life of the German Mark stating that the Bundesbank will proceed to have a say in the eu principal financial institution. particularly he emphasizes the very important a part of the Deutsche Mark as cornerstone of the so-called Social industry economic system in postwar Germany. the amount can be of serious curiosity to teachers and practitioners alike.

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Extra info for 50 Years of the German Mark: Essays in Honour of Stephen F. Frowen

Sample text

VI). The first and second laws came into effect on Sunday 20 June, and when public trading resumed on the Monday all transactions were made in DM, former RM wages, prices and rents simply being redenominated at the rate of 1:l. As we have seen, the First Law contained more than one exchange rate between the DM and the RM, but made no mention of the future treatment of the Reichsmark Liquidation Account balances, which brought together all existing monetary assets. This was clarified by Law No. 63, the 'Third Law for Monetary Reform (Conversion Law)', which was announced later during the week of the conversion and came into force one week after the beginning of the Reform, on 27 June: In principle, old currency credit balances pertaining to Class 111 shall be converted so that the owner is credited with one Deutsche Mark for every ten Reichsmarks.

Ludwig Erhard set that signal, and he did so against fierce opposition - initially even from the American side. This signal also put the new money to a 'make or break' test. It was both a challenge and a chance, for a currency can gain popular confidence only if it proves it can cope with free prices. The DM embraced that signal of the indispensable role played by prices in the allocation of resources; and, with its high level of domestic stability, it has carried that signal like a flame for five decades.

Its stability has helped to keep the market economy viable even in critical periods. And its growing international reputation also brought benefits: a broader capital market, relatively low interest rates and the privilege for German enterprises of being able to invoice most of their foreign trade dealings in their own currency. But of course it was not always sunshine in the past 50 years. There were also phases in which the DM's stability record was not satisfactory; for example, in the early 1970s.

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