Kerschagl’s brief review presents Crowther’s proposal to abolish exchange controls in continental Europe and Britain as a practical route toward limited currency convertibility. The dollar shortage would still separate the European and sterling areas from the dollar area, but partial liberalization could substantially improve trade and economic relations.
Die Arbeit bietet viel praktische Anregung auch dort, wo man über ihren theoretischen Standard verschiedener Meinung sein kann.
English translation: The work offers much practical stimulus even where one may be of a different opinion regarding its theoretical standard.
This qualified praise marks the review’s shift from exposition to judgment: practical usefulness need not depend on full theoretical agreement. Its central concern is the place of monetary reform within European integration.
Wenn sie das Währungsproblem und seine Lösung an die Spitze der Integrationsprobleme in Europa stellt, so ist dies vielleicht ein wenig weitgehend aber sicher ein großes Verdienst gerade in einem Moment, wo man bei den europäischen Integrationslösungen das Währungsproblem ganz offensichtlich auf die lange Bank zu schieben trachtet.
English translation: If it places the monetary problem and its solution at the head of the problems of integration in Europe, this is perhaps going a little far, but it is certainly a great merit precisely at a moment when, in the European solutions for integration, there is a quite evident endeavour to shelve the monetary problem.
Kerschagl questions monetary reform’s overriding priority while endorsing Crowther’s challenge to its postponement. The review’s relevance lies in that distinction: an arguably excessive emphasis can still correct a consequential neglect in integration policy.
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