A Reform Proposal for EMU Institutions
In this paper, we discuss a reform proposal for EMU macroeconomic institutions which rests on the generalised adoption of targets, for both monetary and fiscal policies, to be integrated by a system of checks and balances. The new arrangements for fiscal policies should induce EMU countries to internalise the external effects of their own policies, therefore allowing a partial relaxation of the SGP limits to national debt policies. As for monetary policy, we propose the adoption of an inflation target, the assignment of ex-post assessing powers to the Euro12-group and an internal reform of the ECB. The latter should limit undue nationalistic influences within the ECB governing bodies.
|Date of creation:||2001|
|Date of revision:|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Baldwin, Richard & Berglöf, Erik & Giavazzi, Francesco & Widgrén, Mika, 2000. "EU Reforms for Tomorrow’s Europe," CEPR Discussion Papers 2623, C.E.P.R. Discussion Papers.
- Marco Catenaro & Patrizio Tirelli, 2000.
"Reconsidering The Pros and Cons of Fiscal Policy Co-ordination in a Monetary Union: Should We Set Public Expenditure Targets ?,"
School of Economics Discussion Papers
0002, School of Economics, University of Surrey.
- Marco Catenaro & Patrizio Tirelli, 1999. "Reconsidering The Pros and Cons of Fiscal Policy Coordination in a Monetary Union: Should We Set Public Expenditure Targets?," Working Papers 30, University of Milano-Bicocca, Department of Economics, revised Sep 2000.
- von Hagen, Jürgen & Mundschenk, Susanne, 2001.
"The functioning of economic policy coordination,"
ZEI Working Papers
B 08-2001, University of Bonn, ZEI - Center for European Integration Studies.
- Casella, Alessandra, 2000.
"Games for Central Bankers: Markets vs. Politics in Public Policy Decisions,"
CEPR Discussion Papers
2496, C.E.P.R. Discussion Papers.
- Alessandra Casella, 2000. "Games for Central Bankers: Markets v/s Politics in Public Policy Decisions," NBER Working Papers 8026, National Bureau of Economic Research, Inc.
- Casella, A., 2000. "Games for Central Bankers, Markets v/s Politics in Public Policy Decisions," G.R.E.Q.A.M. 00a02, Universite Aix-Marseille III.
- Alessandra Casella, 1999.
"Tradable Deficit Permits: Efficient Implementation of the Stability Pacin the European Monetary Union,"
NBER Working Papers
7278, National Bureau of Economic Research, Inc.
- Alessandra Casella, 1999. "Tradable deficit permits:efficient implementation of the Stability Pact in the European Monetary Union," Economic Policy, CEPR;CES;MSH, vol. 14(29), pages 321-362, October.
- André Sapir & Marco Buti, 1998. "Economic policy in EMU," ULB Institutional Repository 2013/8078, ULB -- Universite Libre de Bruxelles.
- Woodford, Michael, 1995.
"Price-level determinacy without control of a monetary aggregate,"
Carnegie-Rochester Conference Series on Public Policy,
Elsevier, vol. 43(1), pages 1-46, December.
- Michael Woodford, 1995. "Price Level Determinacy Without Control of a Monetary Aggregate," NBER Working Papers 5204, National Bureau of Economic Research, Inc.
- Tabellini, Guido & Alesina, Alberto, 1990.
"A Positive Theory of Fiscal Deficits and Government Debt,"
3612769, Harvard University Department of Economics.
- Alberto Alesina & Guido Tabellini, 1990. "A Positive Theory of Fiscal Deficits and Government Debt," Review of Economic Studies, Oxford University Press, vol. 57(3), pages 403-414.
- Grüner, Hans Peter, 1999. "On the Role of Conflicting National Interests in the ECB Council," CEPR Discussion Papers 2192, C.E.P.R. Discussion Papers.
- Lossani Marco & Natale Piergiovanna & Tirelli Patrizio, 1999.
"Disegno delle istituzioni e stabilità finanziaria nell'Unione Monetaria Europea,"
Società editrice il Mulino, issue 2, pages 243-270.
- Lossani, Marco & Natale, Piergiovanna & Tirelli, Patrizio, 1999.
"Disegno delle istituzioni e stabilità finanziaria nell'Unione Monetaria Europea
[Istitutional design and financial stability in EMU]," MPRA Paper 18692, University Library of Munich, Germany.
- Lossani, Marco & Natale, Piergiovanna & Tirelli, Patrizio, 1999. "Disegno delle istituzioni e stabilità finanziaria nell'Unione Monetaria Europea
- Walsh, Carl E, 1995. "Optimal Contracts for Central Bankers," American Economic Review, American Economic Association, vol. 85(1), pages 150-67, March.
- Casella, Alessandra, 2001.
"Market mechanisms for policy decisions: Tools for the European Union,"
European Economic Review,
Elsevier, vol. 45(4-6), pages 995-1006, May.
- Alessandra Casella, 2000. "Market Mechanisms for Policy Decisions: Tools for the European Union," NBER Working Papers 8027, National Bureau of Economic Research, Inc.
- Frederic S. Mishkin & Adam S. Posen, 1997.
"Inflation targeting: lessons from four countries,"
Economic Policy Review,
Federal Reserve Bank of New York, issue Aug, pages 9-110.
- Beetsma, Roel & Uhlig, Harald, 1999. "An Analysis of the Stability and Growth Pact," Economic Journal, Royal Economic Society, vol. 109(458), pages 546-71, October.
- Xavier Debrun, 2000. "Fiscal Rules in a Monetary Union: A Short-Run Analysis," Open Economies Review, Springer, vol. 11(4), pages 323-358, October.
- Barry Eichengreen & Charles Wyplosz, 1998. "The Stability Pact: more than a minor nuisance?," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 65-113, 04.
- Issing, Otmar, 1997. "Monetary targeting in Germany: The stability of monetary policy and of the monetary system," Journal of Monetary Economics, Elsevier, vol. 39(1), pages 67-79, June.
- Garry J. Schinasi & Alessandro Prati, 1997. "European Monetary Union and International Capital Markets; Structural Implications and Risks," IMF Working Papers 97/62, International Monetary Fund.
- Robert F. Graboyes, 1990. "A Yankee recipe for a Eurofed omelet," Economic Review, Federal Reserve Bank of Richmond, issue Jul, pages 18-19.
- Leith, Campbell & Wren-Lewis, Simon, 2000. "Interactions between Monetary and Fiscal Policy Rules," Economic Journal, Royal Economic Society, vol. 110(462), pages C93-108, March.
- Lohmann, Susanne, 1997. "Partisan control of the money supply and decentralized appointment powers," European Journal of Political Economy, Elsevier, vol. 13(2), pages 225-246, May.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:18694. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If references are entirely missing, you can add them using this form.