Professor Edgar Morgenroth:

In Germany, there was a one-to-one conversion of the East German Mark that was really worthless. That was a big transfer from West Germany into East Germany. At the same time, there were significant interventions, not all positive, in the state-owned enterprises, most of which were wound up. Again, that is a big difference. This devaluation would actually be akin to the shock treatment that was applied in East Germany and in Russia, which could have some significant, nasty effects. It is not something I would do. As Professor FitzGerald said, we just used the current exchange rate. We do not know what the exchange rate will be in the future. We do not know if and when unification should happen, so nothing really can be assumed other than what we currently know.