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

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Author Info
Jean-Paul Fitoussi (Observatoire Français des Conjonctures Économiques)
Francesco Saraceno () (Observatoire Français des Conjonctures Économiques)

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

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Find related papers by JEL classification:
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization
E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    Other versions:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Canale, R.R., 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. [Downloadable!]
  2. Massimo Cingolani, 2008. "Full Employment as a Possible Objective for EU Policy I. A Perspective From the Point of View of The Monetary Circuit," Working Papers 200814, Faculty of economics, Department of Economics, revised Mar 2008. [Downloadable!]
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