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Economic Policy in EMU. Part A. Rules and Adjustment

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  • DG ECFIN

Abstract

This paper reviews the economic debate surrounding both the opportunities and the challenges arising from European monetary union. It is organised in two parts. Part I examines the economic environment in EMU, analysing the role of markets and the macro-economic framework. It finds that the prospect of EMU has already succeeded in creating a stable macro-economic environment, but that structural reforms aimed at better functioning markets take more time to be implemented and to produce results. Part II investigates the issue of adjustment in EMU in response to macro-economic disturbances, exploring the potential contribution of market mechanisms and macro-economic policies for coping with country-specific shocks. It finds that the new macro-economic framework will soon enable automatic stabilisers to operate better than in the recent past, but that it may take longer for market mechanisms to play their full part.

Suggested Citation

  • Dg Ecfin, 1997. "Economic Policy in EMU. Part A. Rules and Adjustment," European Economy - Economic Papers 2008 - 2015 125, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    • Handle: RePEc:euf:ecopap:0125
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    Cited by:

    1. Fritz Breuss & Andrea Weber, 1999. "Economic Policy Coordination in the EMU: Implications for the Stability Pact," EUI-RSCAS Working Papers 26, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
    2. Kurt Bayer, 1999. "Perspectives for Future Economic Policy Coordination within EMU," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 26(3), pages 271-279, September.

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    Keywords

    macroeconomic policy coordination; emu;

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