Euro Area: common currency – national money (in German)

The monetary policy authorities of the Eurosystem have been operating in crisis mode for more than four years now. In their present paper the Kiel economists Stefan Kooths and Björn van Roye give an alarming warning that a fundamental strategy change is needed to prevent the collapse of the single currency. While the window of opportunity is still open the room for maneuver narrows from month to month.