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

In: Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area

Author

Listed:
  • Klaus Weyerstrass

    (Institute for Advanced Studies)

  • Koen Schoors

    (Ghent University)

  • Bas Aarle

    (University of Maastricht)

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.

Suggested Citation

  • Klaus Weyerstrass & Koen Schoors & Bas Aarle, 2008. "Economic spillovers, structural reforms and policy coordination in the Euro Area: An overview," Contributions to Economics, in: Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area, chapter 1, pages 1-25, Springer.
    • Handle: RePEc:spr:conchp:978-3-7908-1970-0_1
    DOI: 10.1007/978-3-7908-1970-0_1
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    Cited by:

    1. Jacques Pelkmans & Lourdes Acedo Montoya & Alessandro Maravalle, 2008. "How product market reforms lubricate shock adjustment in the euro area," European Economy - Economic Papers 2008 - 2015 341, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.

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