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Die Schwäche des Euros - ein Problem des Dollars

It is not widely recognized that the introduction of the Euro in 1999 established a bipolar monetary system, characterized by currency competition between the US-Dollar and the Euro. In this new system an exchange-rateoriented monetary policy geared towards stabilizing asset markets is more important for the ECB than it was for the Bundesbank, whose major goal was to stabilize commodity markets, primarily price levels. The switch to a monetary policy determined by competition with the Dollar is also the main reason for the weakness of the Euro. Compared to the monetary conditions of the Dollar, those of the Euro are characterized by a lower interest rate and a lower liquidity premium. The result is a disturbance of the monetary system. Therefore, it was a major failure of the European Central Bank (ECB) not to stabilize the currency position of the Euro, for example by increasing the interest rate. This failure can be attributed to the ECB's ill-advised attempt to play the role of the Bundesbank, as originally intended by its constructors. The market constellation of the Euro also implies a Dollar problem because a low interest rate and a low liquidity premium in the Euro area reflect the inverse situation in the U.S. economy. The market constellation of the Dollar is characterized by a balance of payments deficit. This deficit results from capital imports that in turn represent a high liquidity premium of the Dollar. At the same time, interest rates are kept high to stabilize the economy internally. The balance of payments deficit of the U.S. economy indicates a Dollar-induced disturbance of the world monetary system that is also expressed in the weakness of the Euro.