Universita Cattolica del Sacro Cuore di Milano Working Papers
Выпуски:
Опубликовано на портале: 10-12-2003
Zeno Rotondi, Glacomo Vaciago
Universita Cattolica del Sacro Cuore di Milano Working Papers.
2002.
No. 46.
Several alternative explanations have been put forward to explain what has been named
the "mystery" of the weak Euro, after it started. We test a new hypothesis which
is based on the historical process leading to the new European currency. It was necessary
to convince the German public opinion that the Euro would have been as good as the
DM.
Also the new European Central Bank - based in Frankfurt - should have been as capable
as the Bundesbank in delivering monetary stability. This is therefore the hypothesis
that we test and find positive results for. The weakness of the Euro mirrors what
would have happened if the D. Mark were still alive. The quest for a more European
currency continues.
