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Die Europäische Währungsunion und der Verlust einer eigenständigen Geldpolitik

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Abstract

Inflations- und Wachstumszyklen sind eng miteinander verbunden; in einem Abschwung lässt der Preisdruck üblicherweise nach, im Aufschwung nimmt er zu. Mit ihrer Zinspolitik versucht die Europäische Zentralbank (EZB) diese Zyklen zu dämpfen. Solange aber die Konjunkturzyklen in der Europäische Währungsunion (EWU) nicht vollständig synchronisiert sind, wird es für die EZB schwierig sein, einen geldpolitischen Kurs zu verfolgen, der alle Mitgliedsländer stets gleichermassen zufrieden stellt. Als Argument für die Einführung des Euro wurde unter anderem angeführt, dass eine einheitliche Geldpolitik zu einer Konvergenz der Konjunkturzyklen beitragen würde. Aus Anlass des zehnjährigen Jubiläums des Euro untersuchen wir in diesem Beitrag insbesondere die folgenden beiden Fragen: a) Wie stark differierte die effektive Geldpolitik der EZB von einer Politik, die den konjunkturzyklischen Bedingungen in den einzelnen Mitgliedsländern angemessen gewesen wäre? b) Sind diese Diskrepanzen – wie zu Gunsten der Einführung des Euro argumentiert wurde – im Laufe der Zeit tatsächlich kleiner geworden?

Suggested Citation

  • Jan-Egbert Sturm & Timo Wollmershäuser, 2008. "Die Europäische Währungsunion und der Verlust einer eigenständigen Geldpolitik," KOF Analysen, KOF Swiss Economic Institute, ETH Zurich, vol. 2(4), pages 35-43, December.
    • Handle: RePEc:kof:anskof:v:2:y:2008:i:4:p:35-43
    DOI: 10.3929/ethz-a-005427569
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