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.

Autorentext

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.

Inhalt

List of Tables List of Figures Acknowledgements Notes on the Contributors Introduction: J.Hölscher Laudatio on the Occasion of the Seventy-fifth Birthday of Professor Stephen F. Frowen; H.Tietmeyer Stephen Frowen: An Inspired Mediator in Turbulent Times; N.Kloten Keynote Speech: The DM and the Future of the Euro; C.A.E.Goodhart Fifty Years of the Deutsche Mark: A Currency and its Consequences; H.Tietmeyer The 1948 Currency Reform: Structure and Purpose; K.Tribe Comment: H.Tomann Paradigm Changes of German Monetary Policy; R.König Comment: A.Mullineux Is the European Central Bank Too Independent?; G.E.Wood Comment: A.Jacobsen The Euro: Implications for Germany and Europe; N.Kloten Comment: D.Cobham The DM-Undervaluation and Germany's Economic Performance; J.Hölscher, E.O.Smith & G.Pugh Comment: J.Bibow The Fate of Key Currencies: A Strategic Approach; S.F.Frowen & E.Karakitos Comment: H.Riese Epilogue: The Meaning of Sound Money; S.Brittan Stephen F.Frowen: Bibliographical Data Name Index Subject Index