2015
Francouzsko - Německé monetární vztahy - pnutí v základech Eurozóny
HODULÁK, Vladan a Oldřich KRPECZákladní údaje
Originální název
Francouzsko - Německé monetární vztahy - pnutí v základech Eurozóny
Název anglicky
Franco-German Monetary Relations - Tensions Built into the Eurozone Core
Autoři
HODULÁK, Vladan (203 Česká republika, domácí) a Oldřich KRPEC (203 Česká republika, domácí)
Vydání
Politická ekonomie, Vysoká škola ekonomická v Praze, 2015, 0032-3233
Další údaje
Jazyk
čeština
Typ výsledku
Článek v odborném periodiku
Obor
50601 Political science
Stát vydavatele
Česká republika
Utajení
není předmětem státního či obchodního tajemství
Odkazy
Impakt faktor
Impact factor: 0.904
Kód RIV
RIV/00216224:14230/15:00083653
Organizační jednotka
Fakulta sociálních studií
UT WoS
000361079700001
Klíčová slova anglicky
France; Germany; monetary policy; Eurozone; monetary integration
Změněno: 2. 5. 2016 16:04, Ing. Alena Raisová
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 insuffi cient regulation of the fi nancial sector (banking union) nor in fi scal irresponsibility of the European governments (fi scal compact). The eurozone technically has unlimited fi nancial resources at its disposal to solve its recent fi nancial 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 infl uence the institutional arrangement of the Economic and Monetary Union. However, the essence of the Franco-German confl ict 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.
Anglicky
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 insuffi cient regulation of the fi nancial sector (banking union) nor in fi scal irresponsibility of the European governments (fi scal compact). The eurozone technically has unlimited fi nancial resources at its disposal to solve its recent fi nancial 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 infl uence the institutional arrangement of the Economic and Monetary Union. However, the essence of the Franco-German confl ict 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.
Návaznosti
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