Controversy
In July, 2012, Sinn was one of the eventually more than 270 signatories of an open letter written by Walter Krämer of the Technische Universität Dortmund against Chancellor Angela Merkel’s Brussels agreement on direct recapitalization for ailing European banks. Economics professors Frank Heinemann of Berlin and Gerhard Illing of Munich drafted a public answer, arguing that a “banking union” was in fact critical to saving the euro. This letter also attracted more than 200 signatories. The "momentous tiff", as the newspaper The Economist dubbed it, has in the meantime become more nuanced, with Prof. Krämer publishing a more muted version of his letter and Prof. Heinemann expressing his hope that a consensus will eventually emerge.
Read more about this topic: Hans-Werner Sinn
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