Economists' calls for the euro crisis

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During the euro crisis , German-speaking economics professors made several appeals to citizens and politicians , criticizing resolutions and reform projects to solve the euro crisis.

In July 2012, Walter Krämer , Manfred Deistler (Vienna) and Stefan Hoderlein (Boston) initiated an appeal against the "pooling of bank debts" through a joint deposit insurance scheme within the euro zone, which was signed by 279 economics professors. The signatories include Peter Bernholz , the Czech President Václav Klaus , the Chairman of the Scientific Advisory Board at the Federal Ministry of Finance Kai Konrad , the former Saxon Prime Minister Georg Milbradt , Bernd Raffelhüschen , Hans-Werner Sinn , Erich Streissler and Klaus W. Zimmermann . It was widely discussed and was highly controversial among domestic and foreign economists. There was also strong criticism from politics. B. by Chancellor Angela Merkel and Finance Minister Wolfgang Schäuble .

A group of seven economists led by Peter Bofinger , Gustav Horn and Michael Hüther published an article that explicitly opposed the theses of the appeal. It was criticized that the appeal was "rich in heated rhetoric and poor in factual details" ( Barry Eichengreen ) and "too simple, unclear and ideological" ( Alberto Alesina ). In response to Krämer, Frank Heinemann and Gerhard Illing initiated a counter-appeal, which was signed by 220 economists, including Martin Hellwig , Dennis Snower and Beatrice Weder di Mauro .

Ulrich van Suntum , a signatory of the counter-appeal by Frank Heinemann and Gerhard Illing, defended Krämer against many of the allegations made in it. In one article, Krämer and Sinn defended the original appeal against criticism. They declared that they were in favor of a banking union in the sense of a common regulation of the banks. However, in view of the experience with previous rescue attempts, they feared an "abuse of the restructuring fund and deposit insurance for the communitarisation of write-off losses" and again referred to a "structural majority of the debtor countries in the euro committees". Krämer, Heinemann and Sinn later joined a joint appeal by the plenum of economists, in which a compromise position was defined with their help.

Individual evidence

  1. ^ The wording of the open letter of the economists. In: FAZ.net . July 5, 2012, accessed December 17, 2014 .
  2. ^ Walter Krämer at the Technical University of Dortmund
  3. ↑ Erich Streissler in the chat on DiePresse.com
  4. ↑ Schäuble finds the economists' appeal "outrageous". Retrieved January 14, 2020 .
  5. ↑ Appeal from economists: Schäuble is outraged by criticism of Merkel's crisis policy. In: Spiegel Online . July 6, 2012, accessed December 17, 2014 .
  6. ↑ handelsblatt.com July 6, 2012
  7. ↑ dne: "Ifo boss Sinn risks euro collapse". In: handelsblatt.com. July 10, 2012, accessed December 17, 2014 .
  8. ^ Economy: stalemate in the economic dispute ( memento from January 1, 2015 in the Internet Archive ) sueddeutsche.de
  9. ↑ https://www.oekonomenstimme.org/artikel/2012/07/kommentar-zum-aufruf-der-oekonomen-alles-oder-nichts/
  10. ↑ https://www.faz.net/aktuell/wirtschaft/oekonomen-aufruf-die-risiken-der-rettungspolitik-11814959-p2.html
  11. ↑ Plenary of Economists: Statement on the European Banking Union. Retrieved January 16, 2019 .