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EMU Policies and the Stability and Growth Pact: Prospects of Macroeconomic Stability

Author

Listed:
  • Fogel Georgine K

    (Salem International University)

  • Saxena Sweta C

    (University of Pittsburgh)

Abstract

One of the challenges of the Economic and Monetary Union (EMU) is achieving a balanced sustainable expansion of economic activity conducive to macroeconomic stability and financial sustainability of the EMU. In the paper, we evaluate the EMU policies for their effectiveness of smoothening economic cycles in the aggregate. We discuss the pros and cons of the policies and explore the extent to which the EMU institutional framework is likely to facilitate endurance for responding to potential economic shocks and future challenges of the EMU. The paper reveals that the EMU needs a system of credible coordination of monetary and fiscal policies that address economic goals other than price stability. The extent to which EMU policies allow for structural reforms of labor, capital, and product markets will mark the level of responsiveness of the system to handle potential economic disturbances and asymmetric shocks in the Euro region.

Suggested Citation

  • Fogel Georgine K & Saxena Sweta C, 2004. "EMU Policies and the Stability and Growth Pact: Prospects of Macroeconomic Stability," Global Economy Journal, De Gruyter, vol. 4(2), pages 1-21, December.
    • Handle: RePEc:bpj:glecon:v:4:y:2004:i:2:n:8
    DOI: 10.2202/1524-5861.1026
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    Cited by:

    1. Albert Mafusire & Zuzana Brixiova, 2013. "Macroeconomic Shock Synchronization in the East African Community," Global Economy Journal (GEJ), World Scientific Publishing Co. Pte. Ltd., vol. 13(2), pages 261-280, June.
    2. Paolo Biraschi, "undated". "Searching for the optimal EMU fiscal rule:an ex-post analysis of the SGP reform proposals," Working Papers wp2008-7, Department of the Treasury, Ministry of the Economy and of Finance.

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