Reply to Thomas Ferguson and Peter Temin's "Comment on 'The German Twin Crisis of 1931'".

The article presents a reply by the author of the paper "The German Twin Crisis of 1931" to a comment on it by Thomas Ferguson and Peter Temin. He says that the article was criticized for only paying lip service to the notion of a twin crisis while providing a story of a pure banking crisis. In fact it was never claimed that the crisis was a pure banking crisis. The question is whether and to what extent books contributed to the crisis. It is argued that weaknesses in the banking sector existed, which interacted with the currency problems in numerous ways.