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This paper contributes to the discussion on the European current account imbalances by analysing the intra-European trends since 1990 based on the theory of optimum currency areas. The authors show that German unification was the origin of not only the 1992-93 EMS crisis but also rising...
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orientations and a rift in terms of wealth. Transforming the East German system into a social market economy raises enormous … internal and external adjustment problems in a period in which West Germany already faces the challenges of the EC 1992 project … contribute to imperfect competition processes in Europe and the global economy. …
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The task of vitalizing the east German economy was severely underestimated - by politicians as well as by both the … academic and the business community. Despite all the encouraging signs in east Germany, which undeniably exist, the process … fiscal backing alone be enough to vitalize the east German economy? What are the tasks ahead? Are they being tackled in an …
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When German unification took place in 1990, the government was optimistic that the process of closing the economic gap between the two Germanies would be a brief one. However, economic unification has turned out to be more costly and much more complex than anticipated. But on the other hand it...
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