Memories of hyperinflation live on in public debates on money. In the case of Germany, the trauma of 1923 is widely seen as the source of the country’s preference for fiscal discipline and stability-oriented central banking. David Barkhausen sheds new light on the collective memory and its genesis.

The original post was published on 20 June 2025.
www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250620~13431554af.en.html

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Hyperinflation: trauma and its reconstruction

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