Francouzsko - Německé monetární vztahy - pnutí v základech Eurozóny

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HODULÁK Vladan KRPEC Oldřich

Rok publikování 2015
Druh Článek v odborném periodiku
Časopis / Zdroj Politická ekonomie
Fakulta / Pracoviště MU

Fakulta sociálních studií

Obor Politologie a politické vědy
Klíčová slova France; Germany; monetary policy; Eurozone; monetary integration
Popis This paper discusses the thesis that the main danger for eurozone survival does not lie in the areas that most economists have focused on; that is, it lies neither in insuffi cient regulation of the fi nancial sector (banking union) nor in fi scal irresponsibility of the European governments (fi scal compact). The eurozone technically has unlimited fi nancial resources at its disposal to solve its recent fi nancial problems, but the potential threats are rather of a political origin. The most important challenges are the distinct expectations that the strongest European economies harbored before the foundation of the eurozone. The French sought to gain more autonomy in the conduct of their domestic economic policy, which had been impeded by external constraints, particularly exacerbated by German monetary policy. The German goal was to prevent permanent upward pressure on their currency, which had been undermining their export-led economic model. These distinct expectations did partly infl uence the institutional arrangement of the Economic and Monetary Union. However, the essence of the Franco-German confl ict has not been adequately addressed and we hold that the eurozone in its current setting is not able to fully resolve it. That being said, the ECB can employ means that could allow it to postpone the solution for a very long time.
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