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Policy Rules in the Economic and Monetary Union

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  • Bodo Herzog

    (Reutlingen University)

  • Minjae Choi

    (University of Exeter)

Abstract

This paper studies whether a monetary union can be managed solely by a rule-based approach. The Five Presidents’ Report of the European Union rejects this idea. It suggests a centralisation of powers. We analyse the philosophy of policy rules from the vantage point of the German economic school of thought. There is evidence that a monetary union consisting of sovereign states is well organised by rules, together with the principle of subsidiarity. The root cause of the euro crisis is rather the weak enforcement of rules, compounded by structural problems. Therefore, we suggest a genuine rule-based paradigm for a stable future of the Economic and Monetary Union.

Suggested Citation

  • Bodo Herzog & Minjae Choi, 2017. "Policy Rules in the Economic and Monetary Union," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 52(1), pages 51-56, January.
    • Handle: RePEc:spr:intere:v:52:y:2017:i:1:d:10.1007_s10272-017-0643-1
    DOI: 10.1007/s10272-017-0643-1
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    Cited by:

    1. Bodo Herzog, 2020. "Whither Coronabonds? The Past and Future of the EMU in the Coronavirus Pandemic," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 55(3), pages 155-159, May.
    2. Herzog Bodo, 2020. "Corona-Bonds und EU-Verschuldung: Zukunftsvision oder Europäische Naivität?," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 69(2), pages 148-165, August.
    3. Bodo Herzog, 2022. "Do Post-Corona European Economic Policies Lift Growth Prospects? Exploring an ML-Methodology," JRFM, MDPI, vol. 15(3), pages 1-13, March.
    4. Vlieghe, Gertjan, 2022. "Demographics and other constraints on future monetary policy," The Journal of the Economics of Ageing, Elsevier, vol. 23(C).
    5. Sthanu R Nair, 2021. "Agrarian suicides in India: Myth and reality," Development Policy Review, Overseas Development Institute, vol. 39(1), pages 3-21, January.

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