Abstract
There is widespread consensus that the Economic and Monetary Union (EMU) at its outset did not represent an optimal currency area (e.g., Breuss, 1997, 169). Markets within EMU are not perfect. The EU Treaty states that institutions at the community and member states level are called upon to handle economic problems in such a way that the objectives of Art. 2 of the Treaty will be achieved.1 This can be read to mean that the community and member states institutions’ are required to strive for a policy mix conducive to growth and employment, in order to raise the standard of living of EU citizens.2
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Allsopp, Ch. and Vines, D. (1966) ‘Fiscal Policy and EMU’, National Institute Economic Review 4, 158.
Bayer, Kurt, Katterl, Alfred, and Wieser, Thomas (1998) ‘Economic Policy in EMU: National Necessities and Coordination Requirements’, Working Papers 1/1998, Federal Ministry of Finance, Vienna.
Bayoumi, T. and Eichengreen, B. (1995) ‘Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization’, IMF Staff Papers 42, Washington, D.C.
Begg, D., de Grauwe, P., Giavazzi, F., Uhlig, H. and Wyplosz, Ch. (1998) The ECB: Safe at Any Speed?’, Monitoring the European Central Bank, Vol. 1, Center for Economic Policy Research, London.
Breuss, Fritz (1997) `Überblick über die theoretischen Überlegungen zur “optimum currency area”’, in J. Baumgartner, F. Breuss, H. Kramer, and E. Walterskirchen (eds.), Auswirkungen der Wirtschafts-and Währungsunion, Österreichisches, Institut für Wirtschaftsforschung. Wien.
Buti, M., Franco, D. and Ongena, Hedwig (1997) ‘Budgetary Policies during Recessions— Retrospective Application of the “Stability and Growth Pact” to the Post-War Period’, Economic Papers, Nr. 121, European Commission II/195/97-EN, Brussels.
CEPS (1999) `Macroeconomic Policy in the First Year of Euroland’, 1st Annual Report of the CEPS Macroeconomic Policy Group, Brussels.
European Commission (1997) ‘Economic Policy in EMU: Part A: Rules and Adjustment’, Economic Papers, Nr. 124, II/0452/97-EN, Brussels.
European Commission (1997b) `Economic Policy in EMU: Part B: Specific Topics’, Economic Papers, Nr. 125, 11/0453/97-EN Revised, Brussels.
European Commission (1999) ‘Economic Forecasts 1999–2000’, Spring 1999, I1/137–138/99, Brussels.
von Hagen, Jürgen (1999) ‘The EMU’s Stability Pact: Flexibility and Effectiveness to Assure Sustainable Public Finances’, preliminary paper, Bonn.
IMF (1998) World Economic Outlook,International Monetary Fund, May, Washington, D.C. IMF (1999) World Economic Outlook,International Monetary Fund, May, Washington, D.C. OECD (1999a) Macroeconomic and Structural Policies for a Successful Monetary Union: An Overview, ECO/GEN(99)1, Paris.
OECD (1999b) Economic Outlook 65,May,Paris.
OECD (1999c)’Revised Secretariat Projections for OECD Economic Outlook No. 65’, Room Document for the Economic Policy Committee No. 1, May 6, Paris.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2001 Springer Science+Business Media Dordrecht
About this chapter
Cite this chapter
Bayer, K. (2001). Perspectives for Future Economic Policy Coordination within EMU. In: Hallett, A.H., Mooslechner, P., Schuerz, M. (eds) Challenges for Economic Policy Coordination within European Monetary Union. Springer, Boston, MA. https://doi.org/10.1007/978-1-4757-4738-6_11
Download citation
DOI: https://doi.org/10.1007/978-1-4757-4738-6_11
Publisher Name: Springer, Boston, MA
Print ISBN: 978-1-4419-4889-2
Online ISBN: 978-1-4757-4738-6
eBook Packages: Springer Book Archive