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Imposing Maastricht Treaty Feared European Union

The economic power of France has never in modern times kept pace with its political or cultural influence. Thus the short-term advantages of the franc--to the frustration of French policymakers, already concerned about their abrupt relative reduction in EU standing, as compared to a united Germany--could not counterbalance this long-standing confidence in the D-Mark.

A characteristic indication of German monetary conservatism has been the Deutche Bundesbank's insistance on setting money-supply targets, at a time when this practice has been abandoned by most other central banks. This German caution with regard to their currency has deep roots.

On one level, it perhaps reflects the German character; one senses, in reading repeated accounts of the ongoing debate and differences regarding the currency question between Germany and its partners, a deep pride in the strength and solidity of the D-Mark. Concern for the security of the D-Mark also contains the enduring echo of the catastrophic hyperinflation that beset the German economy after the First World War, a hyperinflation that weakened the fabric of German society, and may be justly regarded as having played a significant part in weaking the Weimar Republic almost from its inception, and so paving the way for the rise of Hitler and the Nazis. The hyperinflation made at least a deep impression in German economic memory as the Great Depression did in American economic memory.

It should not be thought that the uncertainties of Europe over economic and monetary unification are merely a veiled anxiety about Germany. Indeed, concern over the implications of monetary unification has been as strongly felt by the Germans as by others; but whereas other Europeans have tended to be afraid that their economic growth would be held hostage to German monetary conservatism, "Germans need to be convinced that the ECU is at least as strong as the D-Mark." Looking at the history of ...

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Imposing Maastricht Treaty Feared European Union. (1969, December 31). In Retrieved 00:11, August 20, 2017, from
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