Europe and Germany in Transition, Where Will the Economies Go?

Hans Tietmeyer

Europe and Germany in Transition: Where Will the Economies Go?

- Speaker: Hans Tietmeyer, former President, German Centeral Bank

(Deutsche Bundesbank)

- Date : November 4, 2003.

"The fall of the Berlin Wall and the opening of the borderline in Europe was a change of worldwide proportions, not merely of German proportions. Germany just reflected the overcoming of the borderline by one of the two systems. It could not have been stopped. In the context of these worldwide developments, German unification was under a lot of pressure. I have the impression that if Korean unification were to come, it would not be the same today as it was for us in 1989. Here, this is not a question anymore of two worldwide systems. South Korea is part of the Western system, but what is North Korea doing? Do they have a big empire behind them? I don't think so. Korea simply needs a transitional period in order to avoid the rush that hampered the German unification process. That would give a little more time for the transition..."
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