German Opponents of Euro Unite in Final Challenge to Chancellor Kohl's Project

As German unemployment reaches nearly five million, sparking street protests, opponents of the euro are making a last-ditch attempt to postpone European economic and monetary union. Almost 160 German and Austrian professors have signed a manifesto calling for an "orderly postponement" of the euro, insisting that such a delay "has to be seriously considered as a political option." This move comes as Chancellor Helmut Kohl faces growing opposition, with some older politicians refusing to support his plan and others seeking to boost their standing in the constituencies by advocating for delay.

Key Takeaways:

• Almost 160 German and Austrian professors have signed a manifesto calling for an "orderly postponement" of the euro.
• The manifest, published in the Frankfurter Allgemeine Zeitung and the Financial Times, coincides with the launch of two books that will take the postponement case to the German people.
• Klaus Kinkel, the Foreign Minister, has downplayed the significance of the manifesto, stating that economic reason cannot be swept aside by accidental majorities.
• A group of senior academics has lodged a complaint with the Constitutional Court, with Professor Karl Albrecht Schachtschneider stating that the court may be considering the complaint seriously.
• The Bundesbank will compile its own assessment of the euro complaint and submit it to the German parliament.
• The German parliament has only three weeks to pass the enabling legislation, making the passage of the bill uncertain.

Statistics:

• Almost 160 professors have signed the manifesto calling for the postponement of the euro.
• 50 famous economic professors had previously called for the punctual introduction of the euro in September 1997.
• Unemployment in Germany has reached nearly five million.
• The German parliament has only three weeks to pass the enabling legislation from April 2 to 24.
• The Constitutional Court has extended an invitation to the petitioners to submit 25 copies of the 350-page complaint.

Sources:

• The Times, 1998
• Frankfurter Allgemeine Zeitung
• Financial Times