By J. Hölscher
This well timed assortment provides an authoritative assessment 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 history of the good fortune tale of the Deutsche Mark. His major challenge is, no matter if economic coverage in Euroland should be prepared for motion in case of an monetary downturn. He additionally wonders even if the eu critical financial institution may be the comparable defend opposed to inflation because the Bundesbank was once. at the comparable factor of balance orientation Hans Tietmeyer studies the fifty years life of the German Mark mentioning that the Bundesbank will proceed to have a say in the ecu primary financial institution. particularly 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 could be of significant curiosity to teachers and practitioners alike.
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Additional info for 50 Years of the German Mark: Essays in Honour of Stephen F. Frowen
It must be said, though, that these blemishes regarding internal stability and the external value of the currency were in the main short-lived episodes. Over the past 50 years, taken as a whole, the DM - and with it German monetary policy - has been a good and reliable partner both for industry and trade and for political decision makers in our country and also at the international level. And that is all a currency can hope to achieve in the long run. It cannot replace the political process - nor should it seek to do so.
Conversely, there were also periods in which the DM tended to be over-valued. This had a correspondingly negative impact on the price competitiveness of the German economy. It must be said, though, that these blemishes regarding internal stability and the external value of the currency were in the main short-lived episodes. Over the past 50 years, taken as a whole, the DM - and with it German monetary policy - has been a good and reliable partner both for industry and trade and for political decision makers in our country and also at the international level.
She was honoured herself on her 75th birthday by her own Festschrift entitled Heimat im Wort (edited by her former student Rudiger Gomer (now Director of the Institute of Germanic Studies at the University of London). Stephen has been honoured in a variety of ways. He is a member of the Reform Club and also (together with Irina) an elected member of the International Pen-Club. For his work as a senior member of the Von Hugel Institute, Cambridge - undertaken in close collaboration with his esteemed colleague and friend, the Rev.