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Monetary Union and Fiscal Policy Discipline

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  • Wyplosz, Charles

Abstract

The possible emergence of a monetary union in Europe raises a number of new and difficult questions. A central concern is the implication for fiscal policy-making. Fiscal policy assumes an increased importance once the monetary policy instrument is lost. The Delors Report has suggested that there may be a bias towards less discipline. This paper, which focuses on the longer run, is a preliminary attempt at sorting out the issues. It considers how both the incentives and the constraints on fiscal policy may be affected. There is no Delors-type, clear-cut conclusion emerging. The most obvious conclusion is that eventually a monetary union requires some degree of fiscal federalism.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 488.

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Date of creation: Jan 1991
Date of revision:
Handle: RePEc:cpr:ceprdp:488

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Related research

Keywords: Fiscal Policy; Monetary Integration; Monetary Policy;

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Citations

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Cited by:
  1. Renate Ohr & André Schmidt, 2006. "Handelbare Verschuldungsrechte zur Sicherung fiskalischer Stabilität in der Währungsunion?," Departmental Discussion Papers 128, University of Goettingen, Department of Economics.
  2. Anthony J. Pellechio & Saqib Rizavi & Phebby Kufa, 2003. "Fiscal Sustainability and Policy Issues in the Eastern Caribbean Currency Union," IMF Working Papers 03/162, International Monetary Fund.
  3. Ohr, Renate & Schmidt, André, 2003. "Der Stabilitäts- und Wachstumspakt im Zielkonflikt zwischen fiskalischer Flexibilität und Glaubwürdigkeit: Ein Reformansatz unter Berücksichtigung konstitutionen- und institutionenökonomischer As," Center for European, Governance and Economic Development Research Discussion Papers 19, University of Goettingen, Department of Economics.
  4. Joshua Aizenman, 1994. "On The Need For Fiscal Discipline in an Union," NBER Working Papers 4656, National Bureau of Economic Research, Inc.
  5. Samir Jahjah, 2001. "Financial Stability and Fiscal Crises in a Monetary Union," IMF Working Papers 01/201, International Monetary Fund.
  6. repec:got:cegedp:19 is not listed on IDEAS
  7. Francesco Papadia & Gian Ruggiero, 1999. "Central Bank Independence and Budget Constraints for a Stable Euro," Open Economies Review, Springer, vol. 10(1), pages 63-90, February.
  8. Beetsma, Roel & Jensen, Henrik, 2003. "Contingent deficit sanctions and moral hazard with a stability pact," Journal of International Economics, Elsevier, vol. 61(1), pages 187-208, October.
  9. Alain DeSerres & Rene Lalonde, 1995. "Symetrie des chocs touchant les regions canadiennes et choix d'un regime de change," Macroeconomics 9502001, EconWPA.
  10. Jürgen von Hagen & Charles Wyplosz, 2008. "EMU's Decentralized System of Fiscal Policy," European Economy - Economic Papers 306, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.

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