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Macroeconomic Policy Co-ordination in the Euro Area

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  • Focco W. Vijselaar
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    Abstract

    This paper reviews the rationale for co-ordination of macroeconomic policies in the euro area. It makes clear what co-ordination can do and what it cannot do in European practice. It concludes that with the Pact for Stability and Growth, the framework for co-ordination of fiscal policies has by and large been completed. As regards co-ordination of structural policies the implementation and review process should be strengthened. The optimal form of policy co-ordination in this field will differ from case to case. With regard to the policy mix, only an exchange of information and analyses will improve policy-making, as more far-reaching forms of co-ordination will annul the benefits of functional separation.

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    File URL: http://www.dnb.nl/binaries/ms2000-05_tcm46-147294.pdf
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    Bibliographic Info

    Paper provided by Netherlands Central Bank, Monetary and Economic Policy Department in its series MEB Series (discontinued) with number 2000-5.

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    Date of creation: Jun 2000
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    Handle: RePEc:dnb:mebser:2000-5

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    Related research

    Keywords: EMU; macroeconomic policy co-ordination; European integration;

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    References

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    1. repec:sae:niesru:v:163:y::i:1:p:87-98 is not listed on IDEAS
    2. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
    3. Matthew B. Canzoneri & Hali J. Edison, 1989. "A new interpretation of the coordination problem and its empirical significance," International Finance Discussion Papers 340, Board of Governors of the Federal Reserve System (U.S.).
    4. Masson, Paul R, 1996. "Fiscal Dimensions of EMU," Economic Journal, Royal Economic Society, vol. 106(437), pages 996-1004, July.
    5. Beetsma, Roel & Uhlig, Harald, 1999. "An Analysis of the Stability and Growth Pact," Economic Journal, Royal Economic Society, vol. 109(458), pages 546-71, October.
    6. Barry Eichengreen & Charles Wyplosz, 1998. "The Stability Pact: more than a minor nuisance?," Economic Policy, CEPR & CES & MSH, vol. 13(26), pages 65-113, 04.
    7. repec:imf:imfpdp:9607 is not listed on IDEAS
    8. Sibert, Anne, 1999. "Monetary Integration and Economic Reform," Economic Journal, Royal Economic Society, vol. 109(452), pages 78-92, January.
    9. Bernhard Winkler, 1999. "Co-ordinating Stability: Some Remarks on the Roles of Monetary and Fiscal Policy under EMU," Empirica, Springer, vol. 26(3), pages 287-295, September.
    10. Artis, Michael J & Winkler, Bernhard, 1997. "The Stability Pact: Safeguarding the Credibility of the European Central Bank," CEPR Discussion Papers 1688, C.E.P.R. Discussion Papers.
    11. Holtham, Gerald & Hughes Hallett, Andrew, 1992. "International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model: Comment," American Economic Review, American Economic Association, vol. 82(4), pages 1043-51, September.
    12. Rogoff, Kenneth, 1985. "Can international monetary policy cooperation be counterproductive?," Journal of International Economics, Elsevier, vol. 18(3-4), pages 199-217, May.
    13. von Hagen, J├╝rgen, 1998. "Fiscal policy and intranational risk-sharing," ZEI Working Papers B 13-1998, ZEI - Center for European Integration Studies, University of Bonn.
    14. Kenneth S. Rogoff, 1983. "The optimal degree of commitment to an intermediate monetary target: inflation gains versus stabilization costs," International Finance Discussion Papers 230, Board of Governors of the Federal Reserve System (U.S.).
    15. Feldstein, Martin, 1988. "Rethinking International Economic Coordination," Oxford Economic Papers, Oxford University Press, vol. 40(2), pages 205-19, June.
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    Cited by:
    1. Thierry Warin, 2005. "The Hidden Structural Features of the Fiscal Rule: A European Saga," International Advances in Economic Research, Springer, vol. 11(1), pages 29-38, March.

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