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Fiscal Policy in the Economic and Monetary Union

In: Economic and Monetary Union Macroeconomic Policies

Author

Listed:
  • Philip Arestis

    (University of Cambridge)

  • Malcolm Sawyer

    (University of Leeds)

Abstract

The history of monetary unions clearly suggests that their successful continuation may be closely tied to political union (see Arestis et al., 2003, for example). It can be further noted that there has to be a set of political authorities which determines the unit of account of money, and the forms of money which will be accepted as payment of tax and in settlement of debts. When the euro was created, powers over the issue of money which lie at the level of the nation with the central bank passed to a Federal institution in the form of the European Central Bank.

Suggested Citation

  • Philip Arestis & Malcolm Sawyer, 2013. "Fiscal Policy in the Economic and Monetary Union," Palgrave Macmillan Books, in: Economic and Monetary Union Macroeconomic Policies, chapter 5, pages 93-119, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-31789-6_5
    DOI: 10.1057/9781137317896_5
    as

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