Überlegungen zu einem optimalen DM-Währungsraum

Regarding the discussion about the European monetary union, an economically rational procedure is being developed for the participation of single countries in a common currency area. For this, the various criteria for the definition of optimal currency areas are subordinated to a cost-benefit-approach and real proposals for an empirical filling-up founded. On its application, marginal analysis justifies from a German point of view the participation of Austria, the Benelux-countries, France and possibly a few border-line cases, but under no condition the participation of all ECmembers in acommon optimal currency are