Perspectives for Future Economic Policy Coordination within EMU

  • Kurt Bayer


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


Member State Monetary Policy Fiscal Policy Euro Area European Central Bank 
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Copyright information

© Springer Science+Business Media Dordrecht 2001

Authors and Affiliations

  • Kurt Bayer
    • 1
  1. 1.Austrian Ministry of FinanceWienAustria

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