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Will Fiscal Policy Be Effective Under EMU?

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  • M. Cangiano
  • Eric Mottu
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    Abstract

    European Economic and Monetary Union does not envisage creating a central fiscal authority. Monetary and exchange rate policies will be centralized, but fiscal policy will remain a national responsibility, in line with the subsidiarity principle. This paper argues that monetary union will generate pressures for closer economic integration than currently envisaged. Although not a necessity, a more active central role could then be justified on the grounds of allocative efficiency, redistribution, and stabilization. While in the short term enhanced policy coordination may address those pressures satisfactorily, as economic integration proceeds, the case for a central fiscal authority may become stronger.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 98/176.

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    Length: 32
    Date of creation: 01 Dec 1998
    Date of revision:
    Handle: RePEc:imf:imfwpa:98/176

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    Cited by:
    1. Janno Reiljan & Kadi Timpmann & Katrin Olenko, 2003. "Key Issues In Developing The Public Administration System Of Estonia Before Joining The European Union," University of Tartu - Faculty of Economics and Business Administration Working Paper Series 17, Faculty of Economics and Business Administration, University of Tartu (Estonia).
    2. Davide Furceri, 2002. "Risk-sharing e architettura istituzionale delle politiche di stabilizzazione nell'UME: aspetti metodologici e verifica empirica," Rivista di Politica Economica, SIPI Spa, vol. 92(6), pages 175-210, November-.
    3. Michael D. Bordo & Lars Jonung, 1999. "The Future of EMU: What Does the History of Monetary Unions Tell Us?," NBER Working Papers 7365, National Bureau of Economic Research, Inc.
    4. Konrad Szelag, 2008. "A Single Fiscal Policy in the Euro Area: Vision or Utopia?," National Bank of Poland Working Papers 46, National Bank of Poland, Economic Institute.

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