US-Investor George Soros verlangt von Deutschland, Eurobonds zu akzeptieren oder die Eurozone zu verlassen. In seiner Replik weist Hans-Werner Sinn diese Forderung zurück.

The G20 summits in 2009 have proposed major changes in governance of the International Monetary Fund (IMF). Most important seems to be the acknowledgment that the IMF in its current form lacks legitimacy and ownership. Accordingly, the G20 suggests a reallocation of voting shares to emerging and...

In our current time the idea of a global currency seems to be pathbreaking. However, the introduction of such a currency requires a uniform governance which implicates that countries lose national autonomy. Presently, countries prefer national monetary policy and national financial regulation....

The external imbalances in Europe have led the Europzone into a crisis. Out of three goals in international monetary policy, only two can be realized at the same time. By joining a monetary union a country has implicitly decided about these two goals. In order to stay competitive, wages and...

The success of European monetary integration -- called by the editors of this CESifo volume "one of the most far-reaching, real world experiments in monetary policy to date" -- is not assured. Policy makers have been forced to deal with challenges posed by formulating a uniform monetary policy...

Early warning systems (EWSs) are subject to restrictions that apply to exchange rates in general: fundamentals matter but their influence is small and unstable. Despite this limitation four major lessons emerge: First, EWSs have robust forecasting power and thus help policy-makers to prevent...

The European Monetary Union will involve socialization of existing seigniorage wealth of national central banks. This socialization will create windfall gains for countries with relatively low monetary bases such as France and the United Kingdom and will be disadvantageous for countries like...