Centre news
01.11.2019

Zeit Online - Print money like it's 1923. Or 1932?

Many Germans criticise the ECB's monetary policy. Zeit Online discusses the analysis of the Jacques Delors Fellow Nils Redeker and his co-authors about the historical reasons causing the inflation fear.

On November 1st 2019 Christine Lagarde has taken over as the new President of the European Central Bank and has already announced that she will step up her efforts to raise the public profile of the Central Bank. However, hardly any other country looks at monetary policy in recent years with as much scepticism as the Germans. The collective memory of the hyperinflation of the Weimar Republic is often cited as a reason for the deep mistrust of many Germans. In our policy paper "Historic roots of Germany's monetary policy discourse", Nils Redeker and his co-authors use new survey data to show that this memory is marked by a major misunderstanding. The experts' conclusion shows that many Germans draw the wrong monetary policy lessons from their own history. 

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Pic: CC Felix Leupold, Source: flickr