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Economic spillovers, structural reforms and policy coordination in the Euro Area: An overview

  • Klaus Weyerstrass
  • Koen Schoors
  • Bas van Aarle
Part of the Contributions to Economics book series (CE)

Abstract

Macroeconomic policymaking in the European Union’s Economic and Monetary Union (EMU) is characterised by an asymmetric division of competences: While monetary policy is conducted centrally by the European System of Central Banks and the European Central Bank (ECB) in particular, structural and fiscal policies remain under the responsibility of the individual Member States, but they are subject to intensive consultation and multilateral surveillance. Article 99 of the EC Treaty calls on Member States to regard their economic policies as a matter of common concern and to coordinate them in the Council, with a view to achieving, inter alia, higher non-inflationary growth and a better standard of living.

Keywords

Monetary Policy Total Factor Productivity Fiscal Policy Euro Area Public Debt 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Physica-Verlag Heidelberg 2008

Authors and Affiliations

  • Klaus Weyerstrass
    • 1
  • Koen Schoors
    • 2
  • Bas van Aarle
    • 3
  1. 1.Institute for Advanced StudiesViennaAustria
  2. 2.Department of Economics Faculty of Economics and B.A.Ghent UniversityGhentBelgium
  3. 3.Faculty of Economics and B.A.University of MaastrichtMaastrichtNetherlands

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