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Die Stabilitätsprogramme der EU: Anspruch und Wirklichkeit in den ersten vier Jahren der Europäischen Währungsunion

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  • Sell, Friedrich L.
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    Abstract

    In diesem Beitrag resümieren wir zunächst die Erfahrungen, welche die EU-Kommission in den letzten vier Jahren mit der Finanzpolitik der EU-Mitgliedsstaaten gesammelt hat. Diese betreffen sowohl die Defizitobergrenze des Stabilitätspakts als auch die jährlich vorzulegenden "Stabilitätsprogramme". Es wird gezeigt, daß die Erreichung der Ziele im Rahmen der Stabilitätsprogramme einen neuen "Policy Mix" in der Euro-Zone organisieren hilft und zugleich das berühmte "Zuordnungsproblem adäquat löst. Das gilt sowohl im Rahmen einer traditionellen Analyse (Mundell-Johnson) als auch im Rahmen einer modernen Analyse unter Verwendung spieltheoretischer Methoden. Eine nachhaltige Rückführung der nationalen strukturellen Defizite verstärkt die Wirksamkeit der automatischen Stabilisatoren der Finanzpolitik gerade im Konjunkturabschwung und verbessert zugleich die Möglichkeiten für die EZB, ihr Ziel der Preisniveaustabilität zu erreichen. -- In this paper, we first review broadly the experiences gained during the first 4 years with the stabilisation programmes put forward by national fiscal policy makers in the EU to the EU commission. We argue that both in the framework of the "traditional macroeconomics" as well as in the framework of the "new macroeconomics" the goals pursued within the national stability programmes help to organise a new policy mix in the Euro area zone and to solve, at the same time, the famous "assignment problem". If fiscal policy is able to consolidate its structural deficits, this not only helps to contribute to higher employment during the downswings of the business cycle, but also enables the ECB to better achieve its goal of price stability, but at a lower interest rate, ceteris paribus.

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    Bibliographic Info

    Paper provided by Universität der Bundeswehr München, Economic Research Group in its series Working Papers in Economics with number 2003,2.

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    Date of creation: 2003
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    Handle: RePEc:zbw:ubwwpe:20032

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    Keywords: Europäische Währungsunion; Policy Mix; Stabilitäts- und Wachstumspakt; Zuordnungsproblem;

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    1. 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.
    2. Buti, Marco & Franco, Daniele & Ongena, Hedwig, 1998. "Fiscal Discipline and Flexibility in EMU: The Implementation of the Stability and Growth Pact," Oxford Review of Economic Policy, Oxford University Press, vol. 14(3), pages 81-97, Autumn.
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    8. Beetsma, Roel M W J & Bovenberg, A Lans, 2001. "The Optimality of a Monetary Union without a Fiscal Union," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(2), pages 179-204, May.
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    12. Jürgen von Hagen & Susanne Mundschenk, 2002. "Fiscal and Monetary Policy Coordination in EMU," Working Papers Central Bank of Chile 194, Central Bank of Chile.
    13. Claude Giorno & Pete Richardson & Wim Suyker, 1995. "Technical Progress, Factor Productivity and Macroeconomic Performance in the Medium Term," OECD Economics Department Working Papers 157, OECD Publishing.
    14. Issing, Otmar, 2001. "The Single Monetary Policy of the European Central Bank: One Size Fits All," International Finance, Wiley Blackwell, vol. 4(3), pages 441-62, Winter.
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