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Economic Policy in EMU: Community Framework and National Strategies – focus on Greece

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  • Theodoros S. Papaspyrou

Abstract

The objective of this paper is to analyse key aspects of economic policy in EMU taking into account the basic components of the Community framework, namely (i) the internal market, (ii) common fiscal rules and provisions for economic policy co-ordination, and (iii) the single monetary policy. The paper argues that EMU provides a framework favourable to economic activity provided EMU advantages are fully exploited and disadvantages minimized. An optimal use of available policy instruments is necessary by individual member states in order to take advantage of the framework of stability provided by EMU and take an active role in the European and international division of labour.

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Bibliographic Info

Paper provided by Hellenic Observatory, LSE in its series GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe with number 04.

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Date of creation: Jul 2007
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Handle: RePEc:hel:greese:04

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Keywords: Community Framework; EMU; Member States national policies.;

References

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  1. George S. Tavlas, 2004. "Benefits and Costs of Entering the Eurozone," Cato Journal, Cato Journal, Cato Institute, vol. 24(1-2), pages 89-106, Spring/Su.
  2. Gaetan Nicodeme & Jacques-Bernard Sauner-Leroy, 2004. "Product market reforms and productivity: a review of the theoretical and empirical literature on the transmission channels," European Economy - Economic Papers 218, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  3. Ernest Gnan & Claudia Kwapil & Maria Teresa Valderrama, 2005. "EU and EMU Entry: A Monetary Policy Regime Change for Austria?," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 53–68.
  4. Romain Duval & Jørgen Elmeskov, 2005. "The Effects of EMU on Structural Reforms in Labour and Product Markets," OECD Economics Department Working Papers 438, OECD Publishing.
  5. Honohan, Patrick & Leddin, Anthony J, 2005. "Ireland in EMU: More Shocks, Less Insulation?," CEPR Discussion Papers 5349, C.E.P.R. Discussion Papers.
  6. Bayoumi, Tamim & Laxton, Doug & Pesenti, Paolo, 2004. "Benefits and Spillovers of Greater Competition in Europe: A Macroeconomic Assessment," CEPR Discussion Papers 4481, C.E.P.R. Discussion Papers.
  7. Jérôme Héricourt, 2004. "And if one size fit all after all ? A counterfactual examination of the ECB monetary policy under Duisenberg presidency," Cahiers de la Maison des Sciences Economiques bla04004a, Université Panthéon-Sorbonne (Paris 1), revised Nov 2005.
  8. Theodoros S. Papaspyrou, 2004. "EMU strategies for new Member States: the role of Exchange Rate Mechanism II," Economic Bulletin, Bank of Greece, Economic Research Department, issue 23, pages 7-25, July.
  9. repec:onb:oenbwp:y:2005:i:2:b:4 is not listed on IDEAS
  10. Theodoros S. Papaspyrou, 2004. "EMU Strategies: Lessons from Past Experience in View of EU Enlargement," Working Papers 11, Bank of Greece.
  11. Lewis, William W., 2004. "The Power of Productivity," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226476766, February.
  12. Baldwin, Richard E., 2006. "The euro’s trade effects," Working Paper Series 0594, European Central Bank.
  13. Marco Buti & Paul van den Noord, 2004. "Fiscal policy in EMU: Rules, discretion and political incentives," European Economy - Economic Papers 206, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  14. Bernd Hayo, 2007. "Is European Monetary Policy Appropriate for the EMU Member Countries? A Counterfactual Analysis," Money Macro and Finance (MMF) Research Group Conference 2006 36, Money Macro and Finance Research Group.
  15. Christian Dreger & Manuel Art�s & Rosina Moreno & Raúl Ramos & Jordi Suri�ach, 2007. "Study on the feasibility of a tool to measure the macroeconomic impact of structural reforms," European Economy - Economic Papers 272, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
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Citations

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Cited by:
  1. Theodore Pelagidis, 2010. "The Greek paradox of falling competitiveness and weak institutions in a high GDP growth rate context (1995-2008)," LSE Research Online Documents on Economics 29098, London School of Economics and Political Science, LSE Library.
  2. Nicholas Apergis, 2011. "Characteristics of inflation in Greece: Mean Spillover Effects among CPI Components," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 43, Hellenic Observatory, LSE.
  3. George Kazamias, 2010. "From Pragmatism to Idealism to Failure: Britain in the Cyprus crisis of 1974," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 42, Hellenic Observatory, LSE.
  4. Christos Dimas, 2010. "Privatization in the name of ‘Europe’: analyzing the telecoms privatization in Greece from a ‘discursive institutionalist’ perspective," LSE Research Online Documents on Economics 31089, London School of Economics and Political Science, LSE Library.
  5. Eugenia Markova, 2010. "Effects of Migration on Sending Countries: lessons from Bulgaria," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 35, Hellenic Observatory, LSE.
  6. Stelios Karagiannis & Yannis Panagopoulos & Prodromos Vlamis, 2010. "Symmetric or asymmetric interest rate adjustments? Evidence from Greece, Bulgaria and Slovenia," LSE Research Online Documents on Economics 29168, London School of Economics and Political Science, LSE Library.
  7. Efi Vraniali, 2010. "Rethinking Public Financial Management and Budgeting in Greece: time to reboot?," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 37, Hellenic Observatory, LSE.
  8. Horen Voskeritsian & Andreas Kornelakis, 2011. "Institutional Change in Greek Industrial Relations in an Era of Fiscal Crisis," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 52, Hellenic Observatory, LSE.
  9. Max Watson, 2007. "Growing Together? – Prospects for Economic Convergence and Reunification in Cyprus," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 07, Hellenic Observatory, LSE.
  10. Platon Tinios, 2010. "Vacillations around a Pension Reform Trajectory: time for a change?," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 34, Hellenic Observatory, LSE.
  11. Christos Lyrintzis, 2011. "Greek Politics in the Era of Economic Crisis: Reassessing Causes and Effects," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 45, Hellenic Observatory, LSE.
  12. Christos Lyrintzis, 2011. "Greek politics in the era of economic crisis: reassessing causes and effects," LSE Research Online Documents on Economics 33826, London School of Economics and Political Science, LSE Library.
  13. Efi Vraniali, 2010. "Rethinking public financial management and budgeting in Greece: time to reboot?," LSE Research Online Documents on Economics 29097, London School of Economics and Political Science, LSE Library.
  14. Vassilis Monastiriotis, 2011. "Regional distribution and spatial impact of FDI in Greece: evidence from firm-level data," LSE Research Online Documents on Economics 32566, London School of Economics and Political Science, LSE Library.
  15. Horen Voskeritsian & Andreas Kornelakis, 2011. "Institutional change in Greek industrial relations in an era of fiscal crisis," LSE Research Online Documents on Economics 41758, London School of Economics and Political Science, LSE Library.
  16. Christos Dimas, 2010. "Privatization in the Name of ‘Europe’: analyzing the telecoms privatization in Greece from a ‘discursive institutionalist’ perspective," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 41, Hellenic Observatory, LSE.
  17. Stelios Stavridis, 2007. "Anti-Americanism in Greece: reactions to the 11-S, Afghanistan and Iraq," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 06, Hellenic Observatory, LSE.
  18. George Pagoulatos & Nikolaos Zahariadis, 2011. "Politics, labor, regulation, and performance: lessons from the privatization of OTE," LSE Research Online Documents on Economics 33827, London School of Economics and Political Science, LSE Library.
  19. George Pagoulatos & Nikolaos Zahariadis, 2011. "Politics, Labor, Regulation, and Performance: lessons from the privatization of OTE," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 46, Hellenic Observatory, LSE.

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