, Volume 23, Issue 2, pp 55–63 | Cite as

Liberalisation and international cooperation

  • Claus Köhier
Monetary Policy


While being a necessary consequence of the ongoing and desirable process of international division of labour, the increasing freedom of international money and capital movements has in recent years impaired the efficiency of national economic policy instruments. In order to overcome this drawback the loss in national economic policy autonomy should be counterbalanced by a gain in economic policy cooperation between the national economies.


Interest Rate Monetary Policy Central Bank Current Account Current Account Deficit 
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  1. 1.
    Henry Kaufman: Debt Rellef for Developing Countries in a Volatile Financlal World, Salomon Brothers Inc., 1987, p. 8.Google Scholar
  2. 2.
    Stability and Growth Act of July 8, 1967, section 1.Google Scholar
  3. 3.
    Law on the Single European Act of February 28, 1986, Deutscher Bundesrat, printed publication No. 150/85, article 13.Google Scholar

Copyright information

© HWWA and Springer-Verlag 1988

Authors and Affiliations

  • Claus Köhier
    • 1
  1. 1.the Board of the Deutsche BundesbankFrankfurtWest Germany

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