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Macroeconomic Policies of the Economic Monetary Union: Theoretical Underpinnings and Challenges

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  • Philip Arestis
  • Malcolm Sawyer

Abstract

This paper presents two issues: first, an effort to decipher the type of economic analysis and macroeconomic policies of the Economic and Monetary Union (EMU) theoretical and policy framework, which we suggest are essentially of the "new consensus" variety; second, an argument that the challenges to the EMU macroeconomic policies lie in their potential to achieve full employment and low inflation in the euro area. We conclude that the institutional and policy arrangements surrounding the EMU and the euro are neither adequate for dealing with today's problems of unemployment and inflation nor promising for the future. We propose alternative policies, and institutional arrangements.

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  • Philip Arestis & Malcolm Sawyer, 2003. "Macroeconomic Policies of the Economic Monetary Union: Theoretical Underpinnings and Challenges," Economics Working Paper Archive wp_385, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_385
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    File URL: http://www.levyinstitute.org/pubs/wp385.pdf
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    1. Atish Ghosh & Steven Phillips, 1998. "Warning: Inflation May Be Harmful to Your Growth," IMF Staff Papers, Palgrave Macmillan, vol. 45(4), pages 672-710, December.
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    Cited by:

    1. Canale, Rosaria Rita, 2011. "Default risk and fiscal sustainability in PIIGS countries," MPRA Paper 32215, University Library of Munich, Germany.

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