Flexibility, Fiscal Policy and 'Stability and Growth Pact'

Publikation: Beitrag in Buch/KonferenzbandBeitrag in Konferenzband


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.
Titel des SammelwerksThe 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 Sammelwerkseconomic, 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
VerlagEuropean Commission
Seiten98 - 126
ISBN (Print)92-828-7263-7
PublikationsstatusVeröffentlicht - 2000

Österreichische Systematik der Wissenschaftszweige (ÖFOS)

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