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  • Author: Steve H. Hanke
  • Publication Date: 06-2020
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Monetary instability poses a threat to free societies. Indeed, currency instability, banking crises, soaring inflation, sovereign debt defaults, and economic booms and busts all have a common source: monetary instability. Furthermore, all these ills induced by monetary instability bring with them calls for policy changes, many of which threaten free societies. One who understood this simple fact was Karl Schiller, who was the German Finance Minister from 1966 until 1972. Schiller’s mantra was clear and uncompromising: “Stability is not everything, but without stability, everything is nothing” (Marsh 1992: 30). Well, Schiller’s mantra is my mantra. I offer three regime changes that would enhance the stability in what Jacques de Larosière (2014) has asserted is an international monetary “anti-system.” First, the U.S. dollar and the euro should be formally, loosely linked together. Second, most central banks in developing countries should be mothballed and replaced by currency boards. Third, private currency boards should be permitted to enter the international monetary sphere.
  • Topic: Debt, Foreign Exchange, Monetary Policy, Developing World, Inflation, Currency
  • Political Geography: Europe, United States of America, European Union
  • Author: Marek Dabrowski
  • Publication Date: 03-2019
  • Content Type: Special Report
  • Institution: Center for Social and Economic Research - CASE
  • Abstract: Twenty years of euro history confirms the euro’s stability and position as the second global currency. It also enjoys the support of majority of the euro area population and is seen as a good thing for the European Union. The European Central Bank has been successful in keeping inflation at a low level. However, the European debt and financial crisis in the 2010s created a need for deep institutional reform and this task remains unfinished.
  • Topic: Monetary Policy, European Union, Economy, Economic growth, Fiscal Policy, Currency
  • Political Geography: Europe, Poland, European Union
  • Author: Lukasz Janikowski, Marek Dabrowski
  • Publication Date: 09-2018
  • Content Type: Special Report
  • Institution: Center for Social and Economic Research - CASE
  • Abstract: Virtual currencies are a contemporary form of private money. Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast. This gives them good prospects for further development. However, they remain unlikely to challenge the dominant position of sovereign currencies and central banks, especially those in major currency areas. As with other innovations, virtual currencies pose a challenge to financial regulators, in particular because of their anonymity and trans-border character.
  • Topic: Science and Technology, Monetary Policy, Economic growth, Currency, Trade
  • Political Geography: Europe, Poland, European Union