A Reform Proposal for EMU Institutions
AbstractIn this paper, we discuss a reform proposal for EMU macroeconomic institutions which rests on the generalised adoption of targets, for both monetary and fiscal policies, to be integrated by a system of checks and balances. The new arrangements for fiscal policies should induce EMU countries to internalise the external effects of their own policies, therefore allowing a partial relaxation of the SGP limits to national debt policies. As for monetary policy, we propose the adoption of an inflation target, the assignment of ex-post assessing powers to the Euro12-group and an internal reform of the ECB. The latter should limit undue nationalistic influences within the ECB governing bodies.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 18694.
Date of creation: 2001
Date of revision:
EMU; Institutional design;
Find related papers by JEL classification:
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
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.:
- Beetsma, Roel & Uhlig, Harald, 1999. "An Analysis of the Stability and Growth Pact," Economic Journal, Royal Economic Society, vol. 109(458), pages 546-71, October.
- Walsh, Carl E, 1995. "Optimal Contracts for Central Bankers," American Economic Review, American Economic Association, vol. 85(1), pages 150-67, March.
- Casella, Alessandra, 2000.
"Games for Central Bankers: Markets vs. Politics in Public Policy Decisions,"
CEPR Discussion Papers
2496, C.E.P.R. Discussion Papers.
- Casella, A., 2000. "Games for Central Bankers, Markets v/s Politics in Public Policy Decisions," G.R.E.Q.A.M. 00a02, Universite Aix-Marseille III.
- Alessandra Casella, 2000. "Games for Central Bankers: Markets v/s Politics in Public Policy Decisions," NBER Working Papers 8026, National Bureau of Economic Research, Inc.
- Lossani, Marco & Natale, Piergiovanna & Tirelli, Patrizio, 1999.
"Disegno delle istituzioni e stabilità finanziaria nell'Unione Monetaria Europea
[Istitutional design and financial stability in EMU]," MPRA Paper 18692, University Library of Munich, Germany.
- Lossani Marco & Natale Piergiovanna & Tirelli Patrizio, 1999. "Disegno delle istituzioni e stabilità finanziaria nell'Unione Monetaria Europea," Economia politica, Società editrice il Mulino, issue 2, pages 243-270.
- Casella, Alessandra, 2001.
"Market mechanisms for policy decisions: Tools for the European Union,"
European Economic Review,
Elsevier, vol. 45(4-6), pages 995-1006, May.
- Alessandra Casella, 2000. "Market Mechanisms for Policy Decisions: Tools for the European Union," NBER Working Papers 8027, National Bureau of Economic Research, Inc.
- Frederic S. Mishkin & Adam S. Posen, 1998.
"Inflation Targeting: Lessons from Four Countries,"
NBER Working Papers
6126, National Bureau of Economic Research, Inc.
- André Sapir & Marco Buti, 1998. "Economic policy in EMU," ULB Institutional Repository 2013/8078, ULB -- Universite Libre de Bruxelles.
- Garry J. Schinasi & Alessandro Prati, 1997. "European Monetary Union and International Capital Markets: Structural Implications and Risks," IMF Working Papers 97/62, International Monetary Fund.
- Marco Catenaro & Patrizio Tirelli, 1999.
"Reconsidering The Pros and Cons of Fiscal Policy Coordination in a Monetary Union: Should We Set Public Expenditure Targets?,"
30, University of Milano-Bicocca, Department of Economics, revised Sep 2000.
- Marco Catenaro & Patrizio Tirelli, 2000. "Reconsidering The Pros and Cons of Fiscal Policy Co-ordination in a Monetary Union: Should We Set Public Expenditure Targets ?," School of Economics Discussion Papers 0002, School of Economics, University of Surrey.
- Alesina, Alberto & Tabellini, Guido, 1990.
"A Positive Theory of Fiscal Deficits and Government Debt,"
Review of Economic Studies,
Wiley Blackwell, vol. 57(3), pages 403-14, July.
- Tabellini, Guido & Alesina, Alberto, 1990. "A Positive Theory of Fiscal Deficits and Government Debt," Scholarly Articles 3612769, Harvard University Department of Economics.
- von Hagen, Jürgen & Mundschenk, Susanne, 2001. "The functioning of economic policy coordination," ZEI Working Papers B 08-2001, ZEI - Center for European Integration Studies, University of Bonn.
- Michael Woodford, 1995.
"Price Level Determinacy Without Control of a Monetary Aggregate,"
NBER Working Papers
5204, National Bureau of Economic Research, Inc.
- Woodford, Michael, 1995. "Price-level determinacy without control of a monetary aggregate," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 43(1), pages 1-46, December.
- Barry Eichengreen & Charles Wyplosz, 1998. "The Stability Pact: more than a minor nuisance?," Economic Policy, CEPR & CES & MSH, vol. 13(26), pages 65-113, 04.
- Lohmann, Susanne, 1997. "Partisan control of the money supply and decentralized appointment powers," European Journal of Political Economy, Elsevier, vol. 13(2), pages 225-246, May.
- Xavier Debrun, 2000. "Fiscal Rules in a Monetary Union: A Short-Run Analysis," Open Economies Review, Springer, vol. 11(4), pages 323-358, October.
- Alessandra Casella, 1999.
"Tradable Deficit Permits: Efficient Implementation of the Stability Pacin the European Monetary Union,"
NBER Working Papers
7278, National Bureau of Economic Research, Inc.
- Alessandra Casella, 1999. "Tradable deficit permits:efficient implementation of the Stability Pact in the European Monetary Union," Economic Policy, CEPR & CES & MSH, vol. 14(29), pages 321-362, October.
- Grüner, Hans Peter, 1999. "On the Role of Conflicting National Interests in the ECB Council," CEPR Discussion Papers 2192, C.E.P.R. Discussion Papers.
- Leith, Campbell & Wren-Lewis, Simon, 2000. "Interactions between Monetary and Fiscal Policy Rules," Economic Journal, Royal Economic Society, vol. 110(462), pages C93-108, March.
- Baldwin, Richard & Berglöf, Erik & Giavazzi, Francesco & Widgrén, Mika, 2000. "EU Reforms for Tomorrow’s Europe," CEPR Discussion Papers 2623, C.E.P.R. Discussion Papers.
- Robert F. Graboyes, 1990. "A Yankee recipe for a Eurofed omelet," Economic Review, Federal Reserve Bank of Richmond, issue Jul, pages 18-19.
- Issing, Otmar, 1997. "Monetary targeting in Germany: The stability of monetary policy and of the monetary system," Journal of Monetary Economics, Elsevier, vol. 39(1), pages 67-79, June.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.