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Reforming the Euro's Institutional Framework

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  • Philip Arestis
  • Malcolm Sawyer

Abstract

The SGP has been the focus of growing controversy within the eurozone. The ECB continues to argue that reforming the SGP by relaxing its rules would damage the credibility of the euro. The opposite, however, may be closer to reality. Relaxing the rules according to the measures already taken by the European Commission has been inconsequential regarding the euro's credibility. In our view, many more fiscal policy reforms are needed so that the eurozone can realize a true economic recovery and enhance the credibility of the euro.

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  • Philip Arestis & Malcolm Sawyer, "undated". "Reforming the Euro's Institutional Framework," Economics Policy Note Archive 03-2, Levy Economics Institute.
  • Handle: RePEc:lev:levypn:03-2
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    References listed on IDEAS

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    1. Philip Arestis & Malcolm Sawyer, 2002. "Can Monetary Policy Affect The Real Economy?," Macroeconomics 0209012, EconWPA.
    2. Marco BUTI & Daniele FRANCO & Hedwig ONGENA, 1997. "Budgeetary Policies during Recessions : Retrospective Application of the Stability and Growth Pact” to the Post-War Period," Discussion Papers (REL - Recherches Economiques de Louvain) 1997041, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    3. Philip Arestis & Andrew Brown & Malcolm Sawyer, 2001. "The Euro," Books, Edward Elgar Publishing, number 2294.
    4. Willem F. Duisenberg, 1999. "Economic and monetary union in Europe : the challenges ahead," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 185-194.
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