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Euro Area: Macroeconomic Policies Under Constraints


  • Agnès Bénassy-Quéré
  • Benjamin Carton


One almost no longer speaks about them. Neither in international forums, where sound economic policies essentially mean structural reforms, enhanced competition, trade integration and financial supervision; nor in the public debate, except to assign them objectives which are mainly out of their scope. Still, monetary and fiscal policies represent important levies of action. Between the ECB's price stability objective and the Stability and Growth Pact, do counter-cyclical policies have a role to play in the euro area?

Suggested Citation

  • Agnès Bénassy-Quéré & Benjamin Carton, 2007. "Euro Area: Macroeconomic Policies Under Constraints," La Lettre du CEPII, CEPII research center, issue 266.
  • Handle: RePEc:cii:cepill:2007-266

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    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies


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