Brauchen wir eine neue Weltwährungsordnung?

Abstract

Abstract The economic policy forum discusses the question of whether we need a new international monetary system. Renate Ohr argues that various interventionist policy measures such as fixed exchange rates or a tobin-tax are inappropriate in order to avoid high volatility. Instead of a new international monetary system, a co-operative system which is flexible enough to react to disturbances and unequal developments is proposed by the author. This includes a better information basis about national economic policy goals and strategies. The existing “non-system” allows for sufficient flexibility to adjust to changing economic conditions. The role of the IMF should be strengthened by intensifying its function of surveillance and using it more as a forum for international co-operation. Otmar Issing goes even further than Ohr by rejecting any change to the existing international monetary system. He claims that flexible exchange rates neither had a negative impact on international trade nor on inflation. Furthermore he fears that a reform would result in the adoption of instruments reducing the elasticity of the system and its scope for adjustment. If politicians still demand political action, they should start with disciplining their national policies. In particular, the author suggests that they adopt a more steady monetary policy. Friedrich Thießen claims that national emotions prevent states from standardising different monetary areas within bi- or multilateral systems. Therefore he suggests a supranational monetary policy which makes it easier for states to give up sovereignty. Such a policy should include the following elements: neutrality towards nationally oriented economic policies, locational neutrality, innovative neutrality, hedge neutrality and profit neutrality. An international body such as the International Monetary Fund should be in charge of the monetary policy.