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Economic and Monetary Union in Europe and Constraints on National Budgetary Policies

Author

Listed:
  • A. Lans Bovenberg

    (International Monetary Fund)

  • Jeroen J. M. Kremers

    (International Monetary Fund)

  • Paul R. Masson

    (International Monetary Fund)

Abstract

The pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an economic and monetary union in Europe are reviewed. The issue is approached from three angles: the influence of EMU on budget discipline, intergenerational equity and intertemporal efficiency, and macroeconomic stabilization. The desirability of constraints on budgetary policy is related to the arrangements for EMU-wide monetary policy, the credibility of a no-bailout clause among member states, and progress in the area of supply-side policies.

Suggested Citation

  • A. Lans Bovenberg & Jeroen J. M. Kremers & Paul R. Masson, 1991. "Economic and Monetary Union in Europe and Constraints on National Budgetary Policies," IMF Staff Papers, Palgrave Macmillan, vol. 38(2), pages 374-398, June.
    • Handle: RePEc:pal:imfstp:v:38:y:1991:i:2:p:374-398
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    More about this item

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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