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2014 | OriginalPaper | Chapter

18. Can There be Stable Currencies After the Euro?

Author : Efthymios G. Tsionas

Published in: The Euro and International Financial Stability

Publisher: Springer International Publishing

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Abstract

The ECB during 2012 set a new mode of monetary and credit policy, amounting to new credit given at low interest rates of 1 % to be propagated into the system by selected commercial banks. We have shown that, despite its prospects, this policy is futile and will, in fact, result into a new recession. If we consider this as the first in a series of last attempts to save the essential unity of the Eurozone, the question begs itself: What will happen in the future?

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previous chapter Some Remarks on the Greek Problem

next chapter The Gold Standard and Free Banking

This is a case where it should be well known that good money drives out bad money.

See Bogus, 2010, p. 121.

See Segoviano and Goodhart, 2009 for measurement of contagion.

See Bogus, 2010, Chap. VII.

Hayek FA ([1935] 1967) Prices and production. 2nd edn. Augustus M. Kelley, New York

Segoviano M, Goodhart C (2009) Banking stability measures, IMF working paper 09/04. International Monetary Fund, Washington

Title: Can There be Stable Currencies After the Euro?
Author: Efthymios G. Tsionas
Publisher: Springer International Publishing
Book: The Euro and International Financial Stability
Print ISBN: 978-3-319-01170-7

Electronic ISBN: 978-3-319-01171-4

Copyright Year: 2014
DOI: https://doi.org/10.1007/978-3-319-01171-4_18