By J. Hölscher
This well timed assortment offers an authoritative evaluate of 1 of the 3 key currencies of the second one 1/2 the 20th century, the German Mark. In his keynote essays, Charles A.E.Goodhart displays at the way forward for the Euro opposed to the historical past of the good fortune tale of the Deutsche Mark. His major drawback is, no matter if financial coverage in Euroland might be prepared for motion in case of an monetary downturn. He additionally wonders no matter if the ecu crucial financial institution would be the related shield opposed to inflation because the Bundesbank was once. at the related factor of balance orientation Hans Tietmeyer studies the fifty years life of the German Mark declaring that the Bundesbank will proceed to have a say in the ecu crucial financial institution. specifically he emphasizes the important a part of the Deutsche Mark as cornerstone of the so-called Social industry economic system in postwar Germany. the amount might be of serious curiosity to lecturers and practitioners alike.
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Extra info for 50 Years of the German Mark: Essays in Honour of Stephen F. Frowen
This success has been due in some large part to the statesmanship and leadership of the Bundesbank's preSidents. My own memory goes back to Karl Blessing, president during 1958-69, and both he, and his successors as presidents, Klasen, Emminger, P6hl, Schlesinger and now Tietmeyer, provide a roll-call of great monetary leaders of Europe and the world. It is also due to the calibre and advice of their chief economists, and, since 1964, they have had three outstanding men in this role, Heinrich Irmler, Helmut Schlesinger, and, until 1 June this year, Otmar Issing.
What a world of difference to the situation today! At the end of 1998 the Deutsche Mark will be integrated as a highly esteemed currency into a new, larger currency: the Euro. It will take with it its internal and external strength. And although the Bundesbank will then surrender its responsibility for monetary policy decision-making, it will do so as an institution which is held in high repute both at home and abroad. The most important thing is that no one will lose anything through the conversion to the new currency.
L. S. Shackle will no doubt lead to further publications on expectational economics. I have read many of Stephen Frowen's publications and have actively participated in quite a few of his conferences. We have repeatedly discussed British and German views on current issues of monetary policy. Stephen Frowen was and is an excellent exponent of German monetary policy. Helmut Schlesinger, then President of the Deutsche Bundesbank, stressed the' special ties' with Professor Frowen and appreciated 'his excellent contributions to monetary policy issues' (Schlesinger, 1993, p.
50 Years of the German Mark: Essays in Honour of Stephen F. Frowen by J. Hölscher