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

  • Philip Arestis
  • Malcolm Sawyer

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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File URL: http://www.levyinstitute.org/pubs/wp385.pdf
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Paper provided by Levy Economics Institute in its series Economics Working Paper Archive with number wp_385.

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Date of creation: Jul 2003
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Handle: RePEc:lev:wrkpap:wp_385
Contact details of provider: Web page: http://www.levyinstitute.org

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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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