An Unexpected Supporter of the Gold Standard

Mike Tsionas

Chapter Chapter 20 in The Euro and International Financial Stability, 2014, pp 127-129 from Springer

Abstract: Abstract A monetary Union is not good by itself unless it rests on real economic foundations. A good monetary Union, in turn, is a Union that protects the stability of the value of money. Without going into unnecessary investigations regarding the “value of money”, suffices to say that the—often overlooked-flight from the euro and the sky—rocketing gold prices are not unrelated to the policies of the ECB that reduced considerably the value of the euro through its monetary and credit policies. Of course lower productivity in the EU compared to the US is often blamed but this cannot be the whole story. In fact, the lower European productivity can be explained by the malinvestents following the credit policies of the ECB.

Keywords: Economic Relation; Credit Policy; Bank Note; Soviet System; Gold Reserve (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:fimchp:978-3-319-01171-4_20

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DOI: 10.1007/978-3-319-01171-4_20

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