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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.

Suggested Citation

  • Theodoros S. Papaspyrou, 2007. "Economic Policy in EMU: Community Framework and National Strategies – focus on Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 04, Hellenic Observatory, LSE.
    • Handle: RePEc:hel:greese:04
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    Cited by:

    1. 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.
    2. Theodore Pelagidis, 2010. "The Greek Paradox of Falling Competitiveness and Weak Institutions in a High GDP Growth Rate Context (1995-2008)," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 38, Hellenic Observatory, LSE.
    3. 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.
    4. Pagoulatos, George & Zahariadis, Nikolaos, 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.
    5. 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.
    6. 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.
    7. Vassilis Monastiriotis & Jacob A. Jordaan, 2011. "Regional Distribution and Spatial Impact of FDI in Greece: evidence from firm-level data," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 44, Hellenic Observatory, LSE.
    8. Theodoros S. Papaspyrou, 2015. "EMU 2.0 Drawing Lessons From the Crisis - a New Framework For Stability and Growth," Working Papers 192, Bank of Greece.
    9. Theodoros S. Papaspyrou, 2017. "A new approach to governance and integration in EMU for an optimal use of economic policy framework - priority to financial union," Working Papers 229, Bank of Greece.
    10. 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.
    11. 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.
    12. 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.
    13. Karagiannis, Stelios & Panagopoulos, Yannis & Vlamis, Prodromos, 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.
    14. Dimas, Christos, 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.
    15. Vraniali, Efi, 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.
    16. 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.
    17. Voskeritsian, Horen & Kornelakis, Andreas, 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.
    18. Lyrintzis, Christos, 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.
    19. Tinios, Platon, 2010. "Vacillations around a pension reform trajectory: time for a change?," LSE Research Online Documents on Economics 27674, London School of Economics and Political Science, LSE Library.
    20. 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.

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    More about this item

    Keywords

    Community Framework; EMU; Member States national policies.;
    All these keywords.

    JEL classification:

    • J1 - Labor and Demographic Economics - - Demographic Economics

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