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The Brussels-Frankfurt-Washington Consensus. Old and New Tradeoffs in Economics

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Abstract

The application of the policies prescribed by the Washington Consensus in developing countries is the subject of a vast literature. What is much less known is that there exist only one pure laboratory experiment implementing the Washington Consensus in the western world: Europe. The aim of this paper is to show that Europe has gone very far in the internalisation of the Washington Consensus; in fact, it has devised constitutionally a form of government that has no choice but to implement it. What appears then clearly is that this attempt was not a success story.

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Paper provided by Observatoire Francais des Conjonctures Economiques (OFCE) in its series Documents de Travail de l'OFCE with number 2004-02.

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Date of creation: 2004
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Publication status: Forthcoming in the "Initiative for Policy Dialogue Macroeconomics Companion Volume", edited by Shari Spiegel and Joseph E. Stiglitz
Handle: RePEc:fce:doctra:0402

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Keywords: Washington Consensus; Stability Pact; European Union; European Central Bank; Structural Reforms;

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. The “Golden” Rule. Really? Golden?
    by Francesco Saraceno in Sparse Thoughts of a Gloomy European Economist on 2012-01-27 08:45:04
  2. (Bad) Arguments Against Debt Monetization
    by Francesco Saraceno in Sparse Thoughts of a Gloomy European Economist on 2011-11-21 13:49:14
  3. The “Golden” Rule. Really? Golden?
    by Francesco Saraceno in Sparse Thoughts of a Gloomy European Economist on 2012-01-27 08:45:04
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Cited by:
  1. Jean-Paul Fitoussi & Francesco Saraceno, 2012. "European economic governance: the Berlin-Washington consensus," Documents de Travail de l'OFCE 2012-20, Observatoire Francais des Conjonctures Economiques (OFCE).
  2. Canale, Rosaria Rita & Napolitano, Oreste, 2009. "The recessive attitude of EMU policies: reflections on the italian experience, 1998–2008," MPRA Paper 20207, University Library of Munich, Germany.
  3. Canale, Rosaria Rita, 2008. "Central bank reaction to public deficit and sound public finance: the case of the European Monetary Union," MPRA Paper 8789, University Library of Munich, Germany.
  4. Massimo Cingolani, 2008. "Full Employment as a Possible Objective for EU Policy I. A Perspective From the Point of View of The Monetary Circuit," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 55(1), pages 89-114, March.

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