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Monetary Policy and Structural Reforms in the Euro Area

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  • van Riet, Ad

Abstract

The purpose of this contribution is to give a broad-based account of the possible interactions between the ECB’s monetary policy, on the one hand, and structural policies in the euro area, on the other. While it does not provide a model-based framework, the aim is to present in a qualitative manner the most relevant channels. Two questions will be addressed in this context. The first question is how structural reforms may affect the conduct of monetary policy in the euro area. The second question is how, in turn, the euro area’s monetary policy through its consistent focus on maintaining price stability supports the reform process and, thereby, the realisation of the Lisbon agenda. Finally, this contribution emphasises the urgency of further structural reforms in Europe.

Suggested Citation

  • van Riet, Ad, 2006. "Monetary Policy and Structural Reforms in the Euro Area," MPRA Paper 78585, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:78585
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    File URL: https://mpra.ub.uni-muenchen.de/78585/1/MPRA_paper_78585.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. Reiner Martin & Moreno Roma & Isabel Vansteenkiste, 2005. "Regulatory reforms in selected EU network industries," Occasional Paper Series 28, European Central Bank.
    3. Sebastian Hauptmeier & Martin Heipertz & Ludger Schuknecht, 2007. "Expenditure Reform in Industrialised Countries: A Case-Study Approach," Fiscal Studies, Institute for Fiscal Studies, vol. 28(3), pages 293-342, September.
    4. Leiner-Killinger, Nadine & Madaschi, Christophe & Ward-Warmedinger, Melanie, 2005. "Trends and patterns in working time across euro area countries 1970-2004: causes and consequences," Occasional Paper Series 41, European Central Bank.
    5. International Monetary Fund, 2006. "Euro Area Policies: Selected Issues," IMF Staff Country Reports 2006/288, International Monetary Fund.
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    Citations

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    Cited by:

    1. A. Durre & F. Drudi & F.P. Mongelli, 2012. "The interplay of economic reforms and monetary policy: the case of the euro area," Post-Print hal-00787189, HAL.
    2. Kurt Bayer & Andreas Breitenfellner, 2018. "What is the appropriate role of structural reforms in E(M)U deepening?," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3-18, pages 102-112.
    3. Ad Van Riet, 2017. "The ECB’s Fight against Low Inflation: On the Effects of Ultra-Low Interest Rates," IJFS, MDPI, vol. 5(2), pages 1-27, April.
    4. Ad van Riet, 2018. "The European Central Bank as the Only Game in Town: How Could Fiscal Policy Makers Play Along?," Credit and Capital Markets, Credit and Capital Markets, vol. 51(1), pages 93-111.
    5. Kurt Bayer, 2018. "Which Structural Reforms Does E(M)U Need to Function Properly?," wiiw Policy Notes 28, The Vienna Institute for International Economic Studies, wiiw.

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    More about this item

    Keywords

    Monetary policy; structural reforms; euro area;
    All these keywords.

    JEL classification:

    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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