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The Goldkrieg: Revaluing the Bundesbank's Reserves and the Politics of EMU. CES Germany & Europe Working Papers, No. 08.6, 1998

Duckenfield, Mark (1998) The Goldkrieg: Revaluing the Bundesbank's Reserves and the Politics of EMU. CES Germany & Europe Working Papers, No. 08.6, 1998. [Working Paper]

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    Abstract

    In May and June 1997, Germany's commitment to Economic and Monetaty Union (EMU) underwent its most serious test ever when the Bundesbank and the government of Chancellor Helmut Kohl dashed openly over the government's plans to revalue the country's gold reserves. Faced with a budget short-fall and strong political opposition to either tax increases or spending cuts, Finance Minister Waigel attempted to introduce a modest change in the Bundesbank's bookkeeping procedures to bring them in line with the standard practices at other European central banks. The Bundesbank resisted, arguing that the changes would infringe upon its closely guarded independence. This paper analyzes how the politics of coalition interacted with Germany's political institutions to cause this conflict.

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    Item Type: Working Paper
    Subjects for non-EU documents: Countries > Germany
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Harvard University, Center for European Studies > Program for the Study of Germany and European Working Papers Series
    Depositing User: Unnamed user with email katelyn.smith92@gmail.com
    Official EU Document: No
    Language: English
    Date Deposited: 23 Apr 2015 10:10
    Number of Pages: 32
    Last Modified: 23 Apr 2015 10:24
    URI: http://aei.pitt.edu/id/eprint/63667

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