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Economic Policy in EMU: Community Framework and National Strategies – focus on Greece

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  • Theodoros S. Papaspyrou

Abstract

The objective of this paper is to analyse key aspects of economic policy in EMU taking into account the basic components of the Community framework, namely (i) the internal market, (ii) common fiscal rules and provisions for economic policy co-ordination, and (iii) the single monetary policy. The paper argues that EMU provides a framework favourable to economic activity provided EMU advantages are fully exploited and disadvantages minimized. An optimal use of available policy instruments is necessary by individual member states in order to take advantage of the framework of stability provided by EMU and take an active role in the European and international division of labour.

Suggested Citation

  • Theodoros S. Papaspyrou, 2007. "Economic Policy in EMU: Community Framework and National Strategies – focus on Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 04, Hellenic Observatory, LSE.
  • Handle: RePEc:hel:greese:04
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    References listed on IDEAS

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    1. Theodoros S. Papaspyrou, 2004. "EMU strategies for new Member States: the role of Exchange Rate Mechanism II," Economic Bulletin, Bank of Greece, issue 23, pages 7-25, July.
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    11. Lewis, William W., 2004. "The Power of Productivity," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226476766.
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    13. Patrick Honohan & Anthony J. Leddin, 2006. "Ireland in EMU - More Shocks, Less Insulation?," The Economic and Social Review, Economic and Social Studies, vol. 37(2), pages 263-294.
    14. Theodoros S. Papaspyrou, 2004. "EMU Strategies: Lessons from Past Experience in View of EU Enlargement," Working Papers 11, Bank of Greece.
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    16. repec:onb:oenbwp:y:2005:i:2:b:4 is not listed on IDEAS
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    Cited by:

    1. Dimas, Christos, 2010. "Privatization in the name of ‘Europe’: analyzing the telecoms privatization in Greece from a ‘discursive institutionalist’ perspective," LSE Research Online Documents on Economics 31089, London School of Economics and Political Science, LSE Library.
    2. Max Watson, 2007. "Growing Together? – Prospects for Economic Convergence and Reunification in Cyprus," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 07, Hellenic Observatory, LSE.
    3. Theodore Pelagidis, 2010. "The Greek Paradox of Falling Competitiveness and Weak Institutions in a High GDP Growth Rate Context (1995-2008)," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 38, Hellenic Observatory, LSE.
    4. Tinios, Platon, 2010. "Vacillations around a pension reform trajectory: time for a change?," LSE Research Online Documents on Economics 27674, London School of Economics and Political Science, LSE Library.
    5. Pagoulatos, George & Zahariadis, Nikolaos, 2011. "Politics, labor, regulation, and performance: lessons from the privatization of OTE," LSE Research Online Documents on Economics 33827, London School of Economics and Political Science, LSE Library.
    6. Monastiriotis, Vassilis, 2011. "Regional distribution and spatial impact of FDI in Greece: evidence from firm-level data," LSE Research Online Documents on Economics 32566, London School of Economics and Political Science, LSE Library.
    7. Vraniali, Efi, 2010. "Rethinking public financial management and budgeting in Greece: time to reboot?," LSE Research Online Documents on Economics 29097, London School of Economics and Political Science, LSE Library.
    8. Nicholas Apergis, 2011. "Characteristics of inflation in Greece: Mean Spillover Effects among CPI Components," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 43, Hellenic Observatory, LSE.
    9. George Pagoulatos & Nikolaos Zahariadis, 2011. "Politics, Labor, Regulation, and Performance: lessons from the privatization of OTE," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 46, Hellenic Observatory, LSE.
    10. Horen Voskeritsian & Andreas Kornelakis, 2011. "Institutional Change in Greek Industrial Relations in an Era of Fiscal Crisis," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 52, Hellenic Observatory, LSE.
    11. Lyrintzis, Christos, 2011. "Greek politics in the era of economic crisis: reassessing causes and effects," LSE Research Online Documents on Economics 33826, London School of Economics and Political Science, LSE Library.
    12. Theodoros S. Papaspyrou, 2015. "EMU 2.0 Drawing Lessons From the Crisis - a New Framework For Stability and Growth," Working Papers 192, Bank of Greece.
    13. Horen Voskeritsian & Andreas Kornelakis, 2011. "Institutional Change in Greek Industrial Relations in an Era of Fiscal Crisis," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 52, Hellenic Observatory, LSE.
    14. Theodoros S. Papaspyrou, 2017. "A new approach to governance and integration in EMU for an optimal use of economic policy framework - priority to financial union," Working Papers 229, Bank of Greece.
    15. Apergis, Nicholas, 2011. "Characteristics of inflation in Greece: mean spillover effects among CPI components," LSE Research Online Documents on Economics 32597, London School of Economics and Political Science, LSE Library.
    16. Platon Tinios, 2010. "Vacillations around a Pension Reform Trajectory: time for a change?," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 34, Hellenic Observatory, LSE.
    17. Christos Dimas, 2010. "Privatization in the Name of ‘Europe’: analyzing the telecoms privatization in Greece from a ‘discursive institutionalist’ perspective," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 41, Hellenic Observatory, LSE.
    18. Efi Vraniali, 2010. "Rethinking Public Financial Management and Budgeting in Greece: time to reboot?," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 37, Hellenic Observatory, LSE.
    19. Stelios Stavridis, 2007. "Anti-Americanism in Greece: reactions to the 11-S, Afghanistan and Iraq," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 06, Hellenic Observatory, LSE.
    20. Stelios Karagiannis & Yannis Panagopoulos & Prodromos Vlamis, 2010. "Symmetric or Asymmetric Interest Rate Adjustments? Evidence from Greece, Bulgaria and Slovenia," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 39, Hellenic Observatory, LSE.
    21. George Kazamias, 2010. "From Pragmatism to Idealism to Failure: Britain in the Cyprus crisis of 1974," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 42, Hellenic Observatory, LSE.

    More about this item

    Keywords

    Community Framework; EMU; Member States national policies.;

    JEL classification:

    • J1 - Labor and Demographic Economics - - Demographic Economics

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