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Tuesday, 1st March 2011

German Economic Policy and the Euro 1999-2010

From the Introduction:
The aim of this paper is to assess to what extent Germany - whether by accident or design - has been a beneficiary of the Euro era, and what negative impact, if any, there has been on the Eurozone’s smaller economies.

Analysis shows that trade imbalances within the Eurozone centre upon Germany, the most important economy, and by far the largest exporting nation. Germany has substantial trade and current account surpluses with the other Eurozone members. In the last three recorded years for example, it was €114.3 billion in 2007, and €104.5 billion and €79.7 billion in the recession years of 2008 and 2009 respectively.

This situation is greatly exacerbated by the ECB’s exchange rate policy which (wittingly or not) favours German interests. This is because, at the outset, the German people gave up their beloved D-Mark under an implicit agreement that EMU would never lead to inflation in their country. For this reason the European Central Bank tightens monetary policy whenever the German economy is in danger of over-heating, regardless of the needs of the Mediterranean economies.

+ Direct link to document (PDF; 1.3 MB)



Having begun his career in academic libraries, Adrian Janes has subsequently worked extensively in public libraries, chiefly in enquiry work as an Information Services librarian. In this role he has had particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by FreePint in 2007, and has contributed articles to FreePint and ResourceShelf. He is involved in training in information literacy and the use of online reference resources.

A Contributing Editor to DocuTicker, he also write reviews for Pennyblackmusic.

More articles by Adrian Janes »

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