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Macroeconomic Policy Co-ordination in the Euro Area

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  • Focco W. Vijselaar

Abstract

This paper reviews the rationale for co-ordination of macroeconomic policies in the euro area. It makes clear what co-ordination can do and what it cannot do in European practice. It concludes that with the Pact for Stability and Growth, the framework for co-ordination of fiscal policies has by and large been completed. As regards co-ordination of structural policies the implementation and review process should be strengthened. The optimal form of policy co-ordination in this field will differ from case to case. With regard to the policy mix, only an exchange of information and analyses will improve policy-making, as more far-reaching forms of co-ordination will annul the benefits of functional separation.

Suggested Citation

  • Focco W. Vijselaar, 2000. "Macroeconomic Policy Co-ordination in the Euro Area," MEB Series (discontinued) 2000-5, Netherlands Central Bank, Monetary and Economic Policy Department.
  • Handle: RePEc:dnb:mebser:2000-5
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    File URL: https://www.dnb.nl/binaries/ms2000-05_tcm46-147294.pdf
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    References listed on IDEAS

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    1. Bernhard Winkler, 1999. "Co-ordinating Stability: Some Remarks on the Roles of Monetary and Fiscal Policy under EMU," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 26(3), pages 287-295, September.
    2. Beetsma, Roel & Uhlig, Harald, 1999. "An Analysis of the Stability and Growth Pact," Economic Journal, Royal Economic Society, vol. 109(458), pages 546-571, October.
    3. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
    4. Barry Eichengreen & Charles Wyplosz, 1998. "The Stability Pact: more than a minor nuisance?," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 65-113, April.
    5. Kenneth S. Rogoff, 1983. "The optimal degree of commitment to an intermediate monetary target: inflation gains versus stabilization costs," International Finance Discussion Papers 230, Board of Governors of the Federal Reserve System (U.S.).
    6. repec:sae:niesru:v:163:y::i:1:p:87-98 is not listed on IDEAS
    7. Matthew B. Canzoneri & Hali J. Edison, 1990. "A new interpretation of the coordination problem and its empirical significance," Proceedings, Board of Governors of the Federal Reserve System (U.S.), pages 399-435.
    8. von Hagen, J├╝rgen, 1998. "Fiscal policy and intranational risk-sharing," ZEI Working Papers B 13-1998, University of Bonn, ZEI - Center for European Integration Studies.
    9. Holtham, Gerald & Hughes Hallett, Andrew, 1992. "International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model: Comment," American Economic Review, American Economic Association, vol. 82(4), pages 1043-1051, September.
    10. Feldstein, Martin, 1988. "Rethinking International Economic Coordination," Oxford Economic Papers, Oxford University Press, vol. 40(2), pages 205-219, June.
    11. Rogoff, Kenneth, 1985. "Can international monetary policy cooperation be counterproductive?," Journal of International Economics, Elsevier, vol. 18(3-4), pages 199-217, May.
    12. Michael Artis & Bernhard Winkler, 1998. "The Stability Pact: Safeguarding the Credibility of the European Central Bank," National Institute Economic Review, National Institute of Economic and Social Research, vol. 163(1), pages 87-98, January.
    13. Sibert, Anne, 1999. "Monetary Integration and Economic Reform," Economic Journal, Royal Economic Society, vol. 109(452), pages 78-92, January.
    14. Masson, Paul R, 1996. "Fiscal Dimensions of EMU," Economic Journal, Royal Economic Society, vol. 106(437), pages 996-1004, July.
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    1. repec:kap:iaecre:v:11:y:2005:i:1:p:29-38 is not listed on IDEAS

    More about this item

    Keywords

    EMU; macroeconomic policy co-ordination; European integration;

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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