The Concept Of Neutral Inflation And Its Application To The Eu Economic Growth Analyses

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The Concept Of Neutral Inflation And Its Application To The Eu Economic Growth Analyses

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Jan L. Bednarczyk

Abstract

The prospects of economic growth in the Euro area depend, to a large extent, on the way in which its participants will solve the problems of economic stabilisation; they depend on whether the conceptual dogmas will prevail in the stabilisation policy or the tendency to make the stabilisation policy instruments more flexible and adjustable to changes in the economic situation. The system of restrictions imposed upon the EU countries by the Maastricht Treaty and the Stability and Growth Pact fulfilled its tasks in the sense that it enabled the indispensable co-ordination of the economic policies of these countries and introduction of the common currency. It seems now that the framework is too rigid and singlemindedly aimed at persuing one goal only (i.e. price stability) and, therefore, in the long run, it cannot be a useful tool of integration and creation of favourable conditions for the development in the Euro area countries. Hence it seems that the reform of the system is inevitable and it should rely on using the opportunities offered by both - monetary and fiscal policy.

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Paper provided by Università di Perugia, Dipartimento Economia, Finanza e Statistica in its series Quaderni del Dipartimento di Economia, Finanza e Statistica with number 25/2006.

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Length: 25 pages
Date of creation: 01 Oct 2006
Date of revision:
Handle: RePEc:pia:wpaper:25/2006

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F - International Economics
F3 - International Economics - - International Finance
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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Peter Bofinger, 2003. "The Stability and Growth Pact neglects the policy mix between fiscal and monetary policy," Intereconomics: Review of European Economic Policy, Springer, vol. 38(1), pages 4-7, January. [Downloadable!] (restricted)
Aaron Drew & Mike Kennedy & Torsten Sløk, 2004. "Differences in Resilience Between the Euro-Area and US Economies," OECD Economics Department Working Papers 382, OECD, Economics Department. [Downloadable!]
Pedro de Lima & Alain de Serres & Mike Kennedy, 2003. "Macroeconomic Policy and Economic Performance," OECD Economics Department Working Papers 353, OECD, Economics Department. [Downloadable!]

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