In a surprisingly growing number of regions in Germany private "regional currencies" are issued as a cash substitute for the euro. Currently, these regional currencies are conceived almost exclusively as Schwundgeld (depreciative currency), which loses value on a predetermined timescale. This...

China’s concern about its U.S. Dollar reserves is being amplified by the low returns of some of China’ investments in the U.S. which leads to a broader concern about how the current reserve system basically entails China lending to the U.S. at very low interest rates. A two-currency reserve...

European economic and monetary union is driven by politics, but the economic costs and benefits of Britain's membership can and should be assessed, argues Professor Patrick Minford in this careful and succinct analysis of the cases for and against Britain adopting the euro. The core argument in...

Whilst the debate on the merits of adopting the euro rage on in the UK, comparatively little attention is paid to the way in which the ECB is managing monetary policy in the euro zone. This analysis describes the success of the first five years of the euro's life. Not only has price stability...

The Eurosystem is mandated to safeguard price stability according to Article 127 TFEU. Based on a theoretical and policy-oriented approach, this article sheds light on a second public good with enormous practical relevance both for financial markets and institutions as well as for the general...

This is a contribution that will appear in the forthcoming book "In the Realm of Corona Normativities", edited by Prof. Werner Gephart, Käte Hamburger Center. The paper advances an interpretation of the EU political impasse about how to deal with the COVID-19 emergency by shifting Agamben's...

This survey, which was conducted in September 1998, shows that the degree of acceptance of the Euro has grown to 78% among the public and 94% among businesses. Merely a quarter of the public is aware, however, of the starting year of the EMU, compared to 70% among large enterprises and 40 %...

According to estimates using the seasonal method, the volume of euro coins held for transaction purposes in Germany in 2011 stood at €2.3 billion; this corresponds to around 36% of the total volume of German (ie issued by the Deutsche Bundesbank) euro coins in circulation. 76% of the total...

In this paper, we analyze the volume of euro banknotes issued by Germany within the euro area with several seasonal methods. We draw a distinction between movements within Germany, circulation outside Germany but within the euro area and demand from non-euroarea countries. Our approach suggests...