Year: 2015
Author: Mayer, Thomas
Credit and Capital Markets – Kredit und Kapital, Vol. 48 (2015), Iss. 3 : pp. 393–402
Abstract
Can the Euro be Saved?
The euro was born unfinished. It had characteristics of both private and state money. Its final character was shaped only during the euro crisis. After earlier efforts to establish it as private money, the crisis managers eventually decided to constitute it as state money: The ECB assumed the role as lender of last resort to euro area governments. However, so far no monetary union with single state money has ever survived. As state money the euro is doomed to fail. It can only survive as private money. To this end it is necessary that (1) the ECB pursues a money volume instead of a price goal; (2) an insolvency order for bankrupt states is established; and (3) an exit procedure for states unable or unwilling to adapt to a private money regime is created.
Journal Article Details
Publisher Name: Global Science Press
Language: German
DOI: https://doi.org/10.3790/ccm.48.3.393
Credit and Capital Markets – Kredit und Kapital, Vol. 48 (2015), Iss. 3 : pp. 393–402
Published online: 2015-09
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 10
Keywords: E58 European Monetary Union
Author Details
| Section Title | Page | Action | Price |
|---|---|---|---|
| Thomas Mayer: Ist der Euro noch zu retten? | 1 |