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The inner German monetary union: Process and monetary consequences

Research project within the DFG priority program: "Social and political change through the integration of East German society”.

The German unification, the founding of the monetary, economic and social union and the accession of the former GDR to the scope of the constitution have resulted into a profound upheaval in the social and political development in the new “Länder”. Although the old Federal Republic is faced with major social and social political tasks as well. As part of society, the monetary and economic system is affected.

The complexity of the course of economic development and the effects of the introduction of market economic order in the former GDR, however, defies a holistic economic-scientific treatment. Therefore, as part of the priority program “Social and political change trough the integration of East German Society” only some aspects can be addressed. The research project should thus focus on the consequences of the monetary union on the steering potential of the German monetary policy.

Hence, the results of the research project,

  1. To systematically describe and theoretically classify the monetary union and the subsequent phase of national integration.
  2. To scientifically support the ongoing adaptation process.
  3. And on this basis, to explain the process gradients and check whether and if so to which extend they can offer insights for other unification processes, e.g. the integration of European currencies.

To clarify the issues raised, the study is roughly divided into three parts:

  1. Description, analysis and theoretical classification of the course of the German- GDR monetary union;
  2. Consequences and problems of the monetary union for the monetary targeting of the Deutsche Bundesbank;
  3. Effects of the monetary union going beyond the technical and logistical transition, in particular issues of fiscal consequences of the currency section and the transferability of the results of the German-German monetary union to other monetary integration processes.


A thesis-like summary concludes the work.

Project management: Prof. Dr. Karl-Heinrich Hansmeyer

Auftraggeber German Research Foundation
Bearbeiter Dr. Erik Gawel, Dr. Michael Thöne, Markus Grünewald
Status Completed
Die deutsch-deutsche Währungsunion : Verlauf und geldpolitische Konsequenzen
Schriften zur monetären Ökonomie, 37, Nomos, Baden-Baden, 1994
Erik Gawel
Zur Neuen Politischen Ökonomie der deutsch-deutschen Währungsunion
In: Kredit und Kapital, 29 (1996), S. 1 - 31.
Michael Thöne