Abstract
In this chapter, the authors discuss the issue as to how the European Monetary Union, despite its advantage of a monetary constitution and no dual mandate, ended up pursuing an even more destabilizing monetary policy culminating in a vast financial and credit bubble which burst in 2010–2012. Why did the ECB not follow the Bundesbank of Dr. Emminger in defying a highly inflationary US monetary hegemon and instead swiftly submitted to the so-called 2% inflation standard? The indictment against the system and the powerful is severe and justified by the evidence.
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Brown, B., Simonnot, P. (2020). The Submission of the Euro to the 2% Inflation Standard. In: Europe's Century of Crises Under Dollar Hegemony. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-46653-4_14
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DOI: https://doi.org/10.1007/978-3-030-46653-4_14
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Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-030-46652-7
Online ISBN: 978-3-030-46653-4
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