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Monetary and Fiscal Policy in Europe: an Overview

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  • Ray Barrell
  • Nigel Pain

Abstract

There are new monetary and fiscal frameworks in place for the countries in the Euro Area. The European Central Bank has a remit to maintain price level stability in the medium term, and it has developed a two pillar strategy, with interest rates being set in relation to a reference value of M3 and general (inflationary) conditions. We discuss an ideal type representation of this framework and examine the potential effects of a fall in the euro. Fiscal policy in Europe is now based on guidelines from the Stability and Growth Pact and we discuss the role of commitment in this framework as well

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  • Ray Barrell & Nigel Pain, 2000. "Monetary and Fiscal Policy in Europe: an Overview," National Institute Economic Review, National Institute of Economic and Social Research, vol. 174(1), pages 63-67, October.
    • Handle: RePEc:sae:niesru:v:174:y:2000:i:1:p:63-67
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