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Policy Coordination in the Euro Area

Author

Listed:
  • Carlo Panico
  • Vàzquez Suàrez Marta

Abstract

The paper deals with the problems of coordination between monetary and fiscal policies in the Euro area. It examines how the existing institutions handle these problems and how the literature evaluates their working, deriving from these evaluations a proposal to reorganise them. The paper points out that there is a need for coordination between monetary and fiscal policies when both cyclical (short-run) and structural (long-run) problems are dealt with. Then it assesses how coordination is carried out under the existing institutional arrangements and identifies which parts of them, according to the existing literature, are in need of modification. Finally, on the basis of the content of this literature, it formulates a proposal to reform the institutional arrangements and the economic content of the Stability and Growth Pact, which aims at making them work effectively.

Suggested Citation

  • Carlo Panico & Vàzquez Suàrez Marta, 2008. "Policy Coordination in the Euro Area," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2008(96), pages 5-31.
  • Handle: RePEc:fan:steste:v:html10.3280/ste2008-096001
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    Citations

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    Cited by:

    1. C. Petraglia & F. Purificato, 2013. "Single currency and supranational constraints to fiscal policies in the Eurozone during the crisis," Rivista economica del Mezzogiorno, Società editrice il Mulino, issue 4, pages 1065-1094.
    2. Carlo Panico, Francesco Purificato, Elvira Sapienza, 2015. "Benefici, problemi e prospettive dell’integrazione monetaria in Europa (Benefits, issues and future of monetary integration in Europe)," Moneta e Credito, Economia civile, vol. 68(271), pages 305-339.
    3. Santiago Capraro & Carlo Panico & Ignacio Perrotini & Francesco Purificato, 2012. "Austerità o politiche coordinate ed espansive? Le difficili scelte delle autorità europee," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2012(108), pages 81-112.

    More about this item

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • H10 - Public Economics - - Structure and Scope of Government - - - General
    • H39 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Other
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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