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Policy-making in EMU: strategies, rules and discretion

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  • Lucas Papademos

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Abstract

Six years into the successful operation of European economic and monetary union (EMU), the conduct of the single monetary policy and of national economic policies and the interaction between them continue to be debated by both academics and policy-makers. This paper approaches the debate by assessing the role that strategies, rules and discretion play in the conduct of economic policies in the euro area. From this perspective, it discusses in particular the monetary policy strategy of the European Central Bank (ECB), the rules-based framework for national fiscal policies as laid down in the Stability and Growth Pact and the structural reform efforts under the umbrella of the Lisbon Strategy. It concludes that the current policy framework - with its combination of strategies, rules and constrained discretion - is well suited to deliver stability and growth in Europe, provided it is implemented effectively. Copyright Springer-Verlag Berlin/Heidelberg 2006

Suggested Citation

  • Lucas Papademos, 2006. "Policy-making in EMU: strategies, rules and discretion," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 27(1), pages 25-38, January.
  • Handle: RePEc:spr:joecth:v:27:y:2006:i:1:p:25-38
    DOI: 10.1007/s00199-005-0621-x
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    Cited by:

    1. Dino Martellato, 2006. "Inflation and Growth in the Euro Zone," Working Papers 2006_52, Department of Economics, University of Venice "Ca' Foscari".
    2. Robin Pope & Reinhard Selten & Sebastian Kube & Johannes Kaiser & Jürgen von Hagen, 2007. "Exchange Rate Determination: A Model of the Decisive Role of Central Bank Cooperation and Conflict," Bonn Econ Discussion Papers bgse18_2007, University of Bonn, Germany.
    3. Charles Richard Barrett & Ioanna Kokores & Somnath Sen, 2016. "Monetary policy games, financial instability and incomplete information," Annals of Finance, Springer, vol. 12(2), pages 161-178, May.
    4. Chaiechi, Taha, 2012. "Financial development shocks and contemporaneous feedback effect on key macroeconomic indicators: A post Keynesian time series analysis," Economic Modelling, Elsevier, vol. 29(2), pages 487-501.
    5. Granville, Brigitte & Mallick, Sushanta, 2009. "Monetary and financial stability in the euro area: Pro-cyclicality versus trade-off," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 19(4), pages 662-674, October.

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