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تجربة الاتحاد النقدي الأوروبي في مجال التنسيق بين السياستين المالية والنقدية
[The Experience of the European Monetary Union in the Coordination of Monetary and Fiscal Policies]

Author

Listed:
  • Kamal, Mona

Abstract

This study presents the experience of the European Monetary Union (EMU) countries as an example for external coordination of fiscal and monetary policies under a fixed exchange rate regime. The Euro area is considered as a unique example since the coordination of the policies is achieved through an independent European Central Bank and the fiscal authorities of the member countries. This study reviews the coordinating arrangements and the mechanism required for the effectiveness of policy coordination.

Suggested Citation

  • Kamal, Mona, 2010. "تجربة الاتحاد النقدي الأوروبي في مجال التنسيق بين السياستين المالية والنقدية
    [The Experience of the European Monetary Union in the Coordination of Monetary and Fiscal Policies]
    ," MPRA Paper 27764, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:27764
    as

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    File URL: https://mpra.ub.uni-muenchen.de/27764/1/MPRA_paper_27764.pdf
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    References listed on IDEAS

    as
    1. Roel M. W. J. Beetsma & Xavier Debrun & Franc Klaassen, 2001. "Is Fiscal Policy Coordination in EMU Desirable?," IMF Working Papers 01/178, International Monetary Fund.
    2. Benhabib, Jess & Eusepi, Stefano, 2005. "The design of monetary and fiscal policy: A global perspective," Journal of Economic Theory, Elsevier, vol. 123(1), pages 40-73, July.
    3. Artis, Michael J & Mizen, Paul & Kontolemis, Zenon, 1998. "Inflation Targeting: What Can the ECB Learn from the Recent Experience of the Bank of England?," Economic Journal, Royal Economic Society, vol. 108(451), pages 1810-1825, November.
    4. Wolswijk, Guido & de Haan, Jakob, 2005. "Government debt management in the euro area - recent theoretical developments and changes in practices," Occasional Paper Series 25, European Central Bank.
    5. Beetsma, Roel & Bovenberg, A Lans, 2001. "Structural Distortions and Decentralized Fiscal Policies in EMU," CEPR Discussion Papers 2851, C.E.P.R. Discussion Papers.
    6. Leith, Campbell & Wren-Lewis, Simon, 2006. "Compatibility between monetary and fiscal policy under EMU," European Economic Review, Elsevier, vol. 50(6), pages 1529-1556, August.
    7. Lars Calmfors, 2003. "Fiscal Policy to Stabilise the Domestic Economy in the EMU: What Can We Learn from Monetary Policy?," CESifo Economic Studies, CESifo, vol. 49(3), pages 319-353.
    8. Patricia S. Pollard, 2003. "A look inside two central banks: the European Central Bank and the Federal Reserve," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 11-30.
    9. L. Lambertini & R. Rovelli, 2003. "Monetary and fiscal policy coordination and macroeconomic stabilization. A theoretical analysis," Working Papers 464, Dipartimento Scienze Economiche, Universita' di Bologna.
    10. Carare, Alina & Stone, Mark R., 2006. "Inflation targeting regimes," European Economic Review, Elsevier, vol. 50(5), pages 1297-1315, July.
    11. Jordi Gali & Tommaso Monacelli, 2005. "Optimal fiscal policy in a monetary union," Proceedings, Federal Reserve Bank of San Francisco.
    12. Carlo Cottarelli, 1993. "Limiting Central Bank Credit to the Government; Theory and Practice," IMF Occasional Papers 110, International Monetary Fund.
    13. Walsh, Carl E, 1995. "Optimal Contracts for Central Bankers," American Economic Review, American Economic Association, vol. 85(1), pages 150-167, March.
    14. Guido Wolswijk & Jakob de Haan, 2005. "Government debt management in the euro area - recent theoretical developments and changes in practices," Occasional Paper Series 25, European Central Bank.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    The coordination of monetary and fiscal policies; the European Monetary Union(EMU);

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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