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Unemployment and inflation in the European Monetary Union: A new approach?

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  • Nicola Acocella

Abstract

The paper deals first with the characters of unemployment and inflation and their trend in the EMU. Then it underlines that EMU’s institutions tend to reduce inflation to a minimum, while limiting fiscal interventions at the national and the European level. The policies implemented recently represent some kind of a novel line of conduct of the EU, as they introduce a rise in the EU budget, release some constraints to national fiscal policies and foresee issuance of common bonds. Judging from these policies a legitimate question is whether the pandemic has been a game-changer, as EU interventions represent some kind of a novel line of conduct of the EU. The issue then arises whether this novelty will be followed by a retreat to the course of rules preceding the pandemic (or, worse, by disintegration of the Union) or some kind of confirmation of the new course - even a relaunch - of the EU.

Suggested Citation

  • Nicola Acocella, 2022. "Unemployment and inflation in the European Monetary Union: A new approach?," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 19(1), pages 3-29, June.
    • Handle: RePEc:liu:liucej:v:19:y:2022:i:1:p:3-29
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    File URL: https://ejce.liuc.it/articles/ejce009.pdf
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    References listed on IDEAS

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    1. Jörg Bibow, 2006. "Europe's Quest for Monetary Stability. Central Banking Gone Astray," International Journal of Political Economy, Taylor & Francis Journals, vol. 35(1), pages 24-43.
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    More about this item

    Keywords

    Unemployment; Inflation; EMU; Next Generation EU;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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