Währungskrise

Währungskrise refers to a sharp and sudden decline in the value of a country's currency. This can manifest in various ways, including a rapid devaluation against other major currencies, a significant loss of purchasing power domestically, or a situation where the central bank struggles to maintain a fixed exchange rate. Several factors can trigger a currency crisis, often involving a combination of economic and political issues. Persistent balance of payments deficits, high levels of external debt, and unsustainable fiscal policies are common underlying causes. Speculative attacks, where investors rapidly sell off a country's currency in anticipation of further declines, can exacerbate these vulnerabilities.

The consequences of a currency crisis can be severe. For individuals and businesses, it can lead to sharply rising import prices, making goods and raw materials more expensive. This can fuel inflation and erode savings. For governments, it can increase the burden of repaying foreign-denominated debt. In extreme cases, a currency crisis can lead to a banking crisis and a broader economic recession. International Monetary Fund (IMF) bailouts and structural adjustment programs are often employed to stabilize the situation, but these can come with strict conditions for the affected country. Preventative measures include maintaining sound fiscal and monetary policies, building up foreign exchange reserves, and fostering economic diversification.