Besser als der Euro? Das Europäische Währungssystem, 1979–1998

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• 作者：Martin Höpner ; Alexander Spielau
• 关键词：SchlüsselwörterWährungsunion ; Europäische Integration ; Politische Ökonomie ; Spielarten des Kapitalismus
• 刊名：Berliner Journal für Soziologie
• 出版年：2016
• 出版时间：June 2016
• 年：2016
• 卷：26
• 期：2
• 页码：273-296
• 全文大小：307KB
• 刊物主题：Social Sciences, general; Sociology, general;
• 出版者：Springer Fachmedien Wiesbaden
• ISSN：1862-2593
• 卷排序：26

文摘

Some argue that the euro should be replaced by a discretionary exchange rate regime that allows for politically negotiated re- and devaluations. However, accounts of the functions and the desirability of re- and devaluations differ widely among participants of the debate. The article revisits the European Monetary System (EMS) that existed between 1979 and 1998. 62 exchange rate adjustments, distributed over 17 different points in time, occurred in the EMS. The realignments helped to minimize transnational macroeconomic imbalances. But a crucial shortcoming of the EMS was the amount of political energy that had to be invested again and again in negotiations over realignments and therefore, in other words, in keeping the EMS alive. A new EMS II, as an alternative to the euro, would be confronted with the same problem.