We speak with Joachim Ragnitz from the Ifo-Institute Dresden.DW-TV: Well, some 20 years later it should be somewhat easier to evaluate whether the decision was right or wrong. Let’s find out. I'm joined here by Joachim Ragnitz of the ifo institute-Dresden. Now some people say it would've been better to wait until both states, East and West Germany would have been more compatible. But is that actually realistic? Would that have worked? Joachim Ragnitz, ifo institute-Dresden: Well, from a purely economic point of view it would have really been better to wait. However, it was not only an economic decision, but also a political one. And the currency union was the first step for the reunification of Germany and from this political point of view, it was a real decision to do, to make, the currency union very early in that process. DW-TV: Would there have been any other alternatives or would East Germany simply have ended up being completely evacuated as thousands of East Germans fled to the west? Joachim Ragnitz: Well, there would have been some alternatives with respect to the regulation system, with respect to the support policies, and so on, um, however, another currency union, especially another exchange rate would've been a great problem for East Germany, leading to the results that you mentioned. DW-TV: Mentioning the exchange rate, the exchange rate was one-to-one, that means some East Germans should have made quite a profit, but it doesn't look like they invested it into their own regions, and their own products, why not? Joachim Ragnitz: But they didn't really make a profit by that because the exchange rate was one-to-one, that is the Mark of the GDR (East Germany) was exchanged to one Deutschmark, so there was no profit at all. DW-TV: But there was a difference in value. Joachim Ragnitz: That's right, but nevertheless, wages were so low in the GDR (East Germany) that there was not really profit that could be invested then, especially because the prices were ...