2014
Monetary Relations of France and Germany – Impact on Eurozone
HODULÁK, Vladan a Oldřich KRPECZákladní údaje
Originální název
Monetary Relations of France and Germany – Impact on Eurozone
Autoři
Vydání
2014
Další údaje
Jazyk
angličtina
Typ výsledku
Prezentace na konferencích
Obor
50601 Political science
Stát vydavatele
Česká republika
Utajení
není předmětem státního či obchodního tajemství
Označené pro přenos do RIV
Ano
Kód RIV
RIV/00216224:14230/14:00078373
Organizační jednotka
Fakulta sociálních studií
Klíčová slova anglicky
France; Germany; monetary policy; Eurozone; monetary integration
Změněno: 15. 1. 2015 15:25, doc. Mgr. et Mgr. Oldřich Krpec, Ph.D.
Anotace
V originále
This paper discusses the thesis that the main danger for Eurozone survival does not lie in the areas that most economists have focused on; that is, it lies neither in insufficient regulation of the financial sector (banking union) nor in fiscal irresponsibility of the European governments (fiscal compact). The Eurozone technically has unlimited financial resources at its disposal to solve its recent financial problems, but the potential threats are rather of a political origin. The most important challenges are the distinct expectations that the strongest European economies harbored before the foundation of the Eurozone. The French sought to gain more autonomy in the conduct of their domestic economic policy, which had been impeded by external constraints, particularly exacerbated by German monetary policy. The German goal was to prevent permanent upward pressure on their currency, which had been undermining their export-led economic model. These distinct expectations did partly influence the institutional arrangement of the Economic and Monetary Union. However, the essence of the Franco-German conflict has not been adequately addressed and we hold that the Eurozone in its current setting is not able to fully resolve it. That being said, the ECB can employ means that could allow it to postpone the solution for a very long time.