Historic roots of Germany’s monetary policy discourse

Many Germans are highly sceptical of the ECB’s monetary policy of recent years. To explain this scepticism, experts often point to the collective memory of the hyperinflation in the early 1920s. Based on new survey data, our policy paper shows that German memory of this period in fact is deeply flawed. Many Germans, therefore, today draw the wrong lessons from history.

Image: CC Berkshire Community College, source: flickr.com