Apolitical Money – An Illusion?

Issing Otmar ()
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Issing Otmar: Center for Financial Studies, Goethe University Frankfurt, Frankfurt, Germany

The Economists' Voice, 2023, vol. 20, issue 1, 79-88

Abstract: Monetary history is a history of inflation. The Statute of the ECB, as a copy of the Bundesbank Act, can be viewed as an attempt to establish the euro as apolitical money. Experience with the short history of the euro shows the limits of this attempt. Fundamentally, the state remains the final authority in monetary matters. The article begins with a very brief outline of monetary history and the efforts undertaken to achieve a stable currency. The second chapter analyses the Statute of the ECB as an attempt to shield monetary policy from political influence. This is followed by a review of the experience gained in the short history of the euro. The last chapter draws conclusions about the possibilities of apolitical money.

Keywords: currency; central banks; ECB (search for similar items in EconPapers)
JEL-codes: E42 E52 E58 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1515/ev-2023-0015

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