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The Rocky Road to European Monetary Union: A German Perspective

In: The Liberal Heart of Europe

Author

Listed:
  • Otmar Issing

    (University of Würzburg)

Abstract

To understand the German attitude toward European integration, two aspects are essential. One is the collapse of the German economy and the annihilation of any sense of national and moral identity following WWII. The second are the emerging tensions between the Allies and the Soviet Union, which created an interest in her recovery. I will examine how the implementation of a market-friendly economic order transformed Germany into a leader in European integration up to the fall of the Berlin Wall. The focus is on the pivotal role of the Deutsche Mark and the Bundesbank in setting the course for monetary policy in Europe through the European Monetary System that eventually led to the establishment of the European Monetary Union.

Suggested Citation

  • Otmar Issing, 2021. "The Rocky Road to European Monetary Union: A German Perspective," Springer Books, in: Francesco Giavazzi & Francesco Lefebvre D'Ovidio & Alberto Mingardi (ed.), The Liberal Heart of Europe, chapter 0, pages 111-118, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-60368-7_10
    DOI: 10.1007/978-3-030-60368-7_10
    as

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