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Anmerkungen zur Koordinierung der makroökonomischen Politik in der WWU

  • Otmar Issing
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    In diesem Beitrag wird argumentiert, dass die Regierungen der Mitgliedstaaten der WWU und die autonomen Sozialpartner bei der Konzeption und Durchführung der Politik, für die sie jweils verantwortlich sind, den übergeordneten Stabilitätsrahmen berücksichtigen sollten, den der Maastrichter Vertrag sowie der Stabilitäts- und Wachstumspakt vorgeben. Handeln sie nach diesem Prinzip, dann werden eine tragfähige und angemessene Finanzpolitik sowie moderate Lohnabschlüsse, die der Wechselwirkung zwischen der Entwicklung der Lohnkosten und der stabilitätsorientierten einheitlichen Geldpolitik Rechnung tragen, einen wichtigen Beitrag zur Schaffung günstiger Bedingungen für Wirtschaftswachstum und Beschäftigung leisten. Wenn die Regierungen und Sozialpartner bei Entscheidungen über ihr eigenes Handeln die glaubwürdige Verpflichtung der einheitlichen Geldpolitik zur Wahrung der Preisstabilität als gegeben voraussetzen, wird dies ex post zu implizit koordinierten Entscheidungen führen und gleichzeitig Politikkonflikte und die Unsicherheit über den wirtschaftspolitischen Handlungsrahmen begrenzen. Eine explizite Koordinierung würde hingegen die Zuständigkeiten der individuellen Entschdiungsträger unscharf werden lassen, die Transparenz des wirtschaftspolitischen Handlungsrahmens verringern und es erschweren, die individuellen Entscheidungsträger in die Verantwortung zu nehmen.

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    Article provided by DIW Berlin, German Institute for Economic Research in its journal Vierteljahrshefte zur Wirtschaftsforschung.

    Volume (Year): 71 (2002)
    Issue (Month): 3 ()
    Pages: 312-324

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    Handle: RePEc:diw:diwvjh:71-30-3
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    1. Russell W. Cooper & Hubert Kempf, 2000. "Designing stabilization policy in a monetary union," Working Paper 0001, Federal Reserve Bank of Cleveland.
    2. Issing, Otmar, 2000. "How to Promote Growth in the Euro Area: The Contribution of Monetary Policy," International Finance, Wiley Blackwell, vol. 3(2), pages 309-27, July.
    3. Frankel, Jeffrey A & Rockett, Katharine E, 1988. "International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model," American Economic Review, American Economic Association, vol. 78(3), pages 318-40, June.
    4. 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.
    5. Bernhard Winkler, 1999. "Co-ordinating Stability: Some Remarks on the Roles of Monetary and Fiscal Policy under EMU," Empirica, Springer, vol. 26(3), pages 287-295, September.
    6. Persson, Torsten & Tabellini, Guido, 1995. "Double-Edged Incentives: Institutions and Policy Coordination," CEPR Discussion Papers 1141, C.E.P.R. Discussion Papers.
    7. Cooper, Richard N., 1985. "Economic interdependence and coordination of economic policies," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 23, pages 1195-1234 Elsevier.
    8. Currie, David & Holtham, Gerald & Hughes, Gordon, 1989. "The Theory and Practice of International Policy Coordination: Does Coordination Pay?," CEPR Discussion Papers 325, C.E.P.R. Discussion Papers.
    9. Dixit, Avinash & Lambertini, Luisa, 2001. "Monetary-fiscal policy interactions and commitment versus discretion in a monetary union," European Economic Review, Elsevier, vol. 45(4-6), pages 977-987, May.
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