TITLE

Targetsalden und die Vollendung der Währungsunion: Kommentar zum Beitrag von Martin Hellwig

AUTHOR(S)
Spahn, Peter
PUB. DATE
June 2019
SOURCE
Perspektiven der Wirtschaftspolitik;Jun2019, Vol. 20 Issue 2, p103
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Targetsalden zeigen Zahlungsbilanzungleichgewichte an, stellen jedoch keine wertmäßige Kompensation für die damit verbundenen Wohlfahrtsübertragungen dar. Sie lassen sich als Beitrag zur Milderung der Anpassungskosten makroökonomischer Krisen legitimieren, verletzen jedoch grundsätzlich währungspolitische Normen transnationaler Wirtschaftsbeziehungen. Entgegen der Meinung Hellwigs gilt dies auch für die Europäische Währungsunion, die unter anderem aufgrund des Fortbestands nationaler Notenbanken nicht mit der alten DM-Währungsunion vergleichbar ist. Nur in einer politischen Union sind Targetsalden unbedeutend.
ACCESSION #
138616671

 

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