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Tumbling Giant: Germany’s Experience with the Maastricht Fiscal Criteria

In: From EMS to EMU: 1979 to 1999 and Beyond

Author

Listed:
  • Jürgen Hagen
  • Rolf Strauch

Abstract

From the first time European Monetary Union (EMU) was officially declared a goal of European integration in 1969, to its realisation thirty years later, Europeans were divided over the question whether the common currency should be the beginning or the end of a process of monetary and fiscal convergence.1 The former was claimed by the ‘monetarists’, who argued that the adoption of a common currency would lead to the convergence of price and wage developments and of fiscal performance among the member states. The opposite view was held by the ‘economists’, who thought that the stability of the common currency could only be guaranteed, if the member states first proved that each could live with fiscal and monetary discipline.

Suggested Citation

  • Jürgen Hagen & Rolf Strauch, 1999. "Tumbling Giant: Germany’s Experience with the Maastricht Fiscal Criteria," Palgrave Macmillan Books, in: David Cobham & George Zis (ed.), From EMS to EMU: 1979 to 1999 and Beyond, chapter 4, pages 70-94, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-27745-2_6
    DOI: 10.1007/978-1-349-27745-2_6
    as

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