Fifty Years of the German Mark

1. Front Matter

   Pages i-xxxi

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2. Keynote Speech: The DM and the Future of the Euro

   • Charles A. E. Goodhart

   Pages 1-6

3. Fifty Years of the Deutsche Mark – a Currency and its Consequences

   • Hans Tietmeyer

   Pages 7-14

4. The 1948 Currency Reform: Structure and Purpose

   • Keith Tribe

   Pages 15-55

5. Paradigm Changes of German Monetary Policy

   • Reiner Konig

   Pages 56-74

6. Is the European Central Bank too Independent?

   • Geoffrey E. Wood

   Pages 75-99

7. The Euro: Implications for Germany and Europe

   • Norbert Kloten

   Pages 100-124

8. The DM Undervaluation and West Germany’s Economic Performance

   • Jens Hölscher, Eric Owen Smith, Geoffrey Pugh

   Pages 125-158

9. The Fate of Key Currencies: a Strategic Approach

   • Stephen F. Frowen, Elias Karakitsos

   Pages 159-182

10. The Bipolar International Monetary System and the British Pound

    • Hajo Riese

    Pages 183-194

11. Epilogue: The Meaning of Sound Money

    • Samuel Brittan

    Pages 195-202

12. Back Matter

    Pages 203-229

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This timely collection presents an authoritative overview of one of the three key currencies of the second half of the twentieth century, the German Mark. In his keynote essays, Charles A.E.Goodhart reflects on the future of the Euro against the background of the success story of the Deutsche Mark. His main concern is, whether fiscal policy in Euroland will be ready for action in case of an economic downturn. He also wonders whether the European Central Bank will be the same safeguard against inflation as the Bundesbank was. On the same issue of stability orientation Hans Tietmeyer reviews the fifty years lifetime of the German Mark pointing out that the Bundesbank will continue to have a say within the European Central Bank. In particular he emphasizes the vital part of the Deutsche Mark as cornerstone of the so-called Social Market Economy in postwar Germany. The volume will be of great interest to academics and practitioners alike.

• bank
• Europe
• European Central Bank
• fiscal policy
• Germany
• Inflation
• monetary policy
• money
• banking

'The book gives a deep insight into different aspects of the DM as one of the most successful currencies of the last century. With the exception of one chapter all essays are non-technical and, therefore, allow a fast and easy access to the respective topic. This book is fun to read since all authors enrich the ongoing debate on how to deal with the legacy of the DM and the Bundesbank by stating controversial political views.' - Jürgen Born and Wim Kösters, Kredit und Kapital

'With the collection of these ten articles, the volume succeeds to draw a bow between the past of 50 years of the German Mark and the future of European monetary policy. The book demonstrates the significance of the 1948 currency reform and of the foundation of the Bundesbank for economic development in (West') Germany. Simultaneously, it pinpoints the chances and risks involved by a copy of the Bundesbank's institutional structure to the European Central Bank. Insofar, the present book is absorbing notonly for those interested in German monetary history but even for those readers interested in proper design and in functionality of monetary institutions...' - Uwe Vollmer, Journal for East European Management Studies

'As a result of the confluence of British and German monetary thought, this rich and multifaceted collection of essays is a very readable book on the recent history of monetary thought and of important monetary institutions, as well as on the perspectives of monetary policy in Europe.' - Bertram Schefold, European Journal of the History of Economic Thought.

'This is a book which should be of interest to all those readers among academics and practitioners who wish to learn from the past for the future.' - Indira Gurbaxani, Frankfurter Allgemeine

• University of Brighton, UK

  Jens Hölscher

JÖRG BIBOW University of Hamburg, SIR WILLIAM BRITTAN Financial Times, DAVID COBHAM University of St Andrews, STEPHEN F. FROWEN University of Cambridge and University College London, C.A.E. GOODHART Bank of England and London School of Economics, NORBERT FLOTEN Deutsche Bundesbank, ANKE JACOBSEN Free University, Berlin, ELIAS KARAKITSOS Imperial College London, REINER KÖNIG Deutsche Bundesbank, ANDY MULLINEUX University of Birmingham, GEOFFREY PUGH University of Staffordshire, HAJO RIESE Free University Berlin, HANS TIETMEYER Deutsche Bundesbank (former President), ERIC OWEN SMITH University of Loughborough, HORST TOMANN Free University Berlin, KEITH TRIBE University of Keele, GEOFFREY E. WOOD London City University.

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