Abstract
This paper evaluates the possible caveats of the political and institutional design of EMU before its start on 1 January 1999. A transfer union can be excluded right from the beginning. As an alternative, to be able to cope with external shocks, some suggestions are made to stabilize the economies of the Euro area. The EMU, far of being a political union with a central fiscal capacity, must therefore coordinate fiscal policy based on the arrangements of the stability and growth pact. Finally, the costs and benefits of the asymmetric policy design of EMU (centralized monetary policy and de-centralized fiscal policy) are analysed in this paper.
| Originalsprache | Englisch |
|---|---|
| Titel des Sammelwerks | The European Union and the Euro, A Selection of Conference Papers of the Fourth ECSA-World Conference, Bruxelles, 17-18 September 1998, European Commission, Luxemburg 2000 |
| Untertitel des Sammelwerks | economic, institutional and international aspects : Bruxelles, 17/18 septembre 1998 ; a selection of conference papers ; Fourth ECSA-World Conference = L'Union Européenne et l'Euro: aspects économiques, institutionnels et internationaux : une sélection des rapports de la conférence |
| Herausgeber*innen | European Commission |
| Erscheinungsort | Luxembourg |
| Verlag | European Commission |
| Seiten | 98 - 126 |
| ISBN (Print) | 92-828-7263-7 |
| Publikationsstatus | Veröffentlicht - 2000 |
Österreichische Systematik der Wissenschaftszweige (ÖFOS)
- 506004 Europäische Integration
- 502046 Volkswirtschaftspolitik
- 502003 Außenhandel
- 502018 Makroökonomie