Konsequenzen der Europäischen Währungsunion für den Geldschöpfungsgewinn der Mitgliedsländer

Consequences of the European Monetary Union with regard to the seigniorage of the member countries The paper analyzes the influence of the EMU on the seigniorage of the member countries. First, the seigniorage of each EU member from 1980 - 1995 is calculated. Then, we estimate the seigniorage of the entire ECB, distinguishing between 12 scenarios of inflation and economic growth. As specified in the contract of Maastricht, this seigniorage is allocated to the member countries. The comparison with the average of 1991-1995 shows that there are winners and losers. Especially Portugal and Greece face drastic seigniorage losses (2.5% resp. 3.0% of GDP) and it is questionable if these countries are able to cope with the required financial adjustments