The EU has become a veritable laboratory for common policies and policy coordination, and it now has a system of economic governance and an economic policy regime with a number of particular characteristics. The aim of this chapter is to shed light on this rather complex policy regime by answering the question ‘who does what and how?’ in the area of economic policy. The chapter first describes briefly the main Community institutions and bodies involved in economic policies (section 1). It then sets out the allocation of competences and the assignment of tasks (section 2) as a basis for distinguishing between different methods of Community involvement in economic policy-making (section 3). The chapter also describes voting rules (section 4) as well as the major instruments and procedures of economic policy coordination (section 5). Some details on the preparatory machinery and the decision-making procedures are to be found in the Annex to this chapter, pp. 67–70.
KeywordsMember State Monetary Policy Central Bank Euro Area European Central Bank
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