JOURNAL ARTICLE
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Ist der Euro noch zu retten?
Credit and Capital Markets – Kredit und Kapital, Vol. 48 (2015), Iss. 3 : pp. 393–402
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Dr. Thomas Mayer, Gründungsdirektor des Flossbach von Storch Research Institute, Ottoplatz 1, 50679 Köln
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.
Table of Contents
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| Thomas Mayer: Ist der Euro noch zu retten? | 1 |