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Macroeconomic and social policies in the EU 15: the last two decades

Author

Listed:
  • Jean-Paul Fitoussi

    (Observatoire français des conjonctures économiques)

  • Eloi Laurent

    (Observatoire français des conjonctures économiques)

Abstract

This draft of our contribution to “The politics and economics of change in European social models” book project, is focused on the relation between macroeconomic policies and social models in the EU 15 during the last two decades. It first describes the shift towards the Maastricht “culture of discipline”, i.e. the effect of the implementation of rules governing macroeconomic policies management for euro area countries, assesses its consequence in terms of economic performance and evaluates how those rules are playing out so far in the current crisis. We then attempt at detailing the second shift towards “structural reforms” of social models to show how it has resulted in a weakening of “automatic stabilizers” that, therefore, can’t fully play their role in the current crisis. Finally, we offer some analytical insights to make sense of those two shifts.

Suggested Citation

  • Jean-Paul Fitoussi & Eloi Laurent, 2009. "Macroeconomic and social policies in the EU 15: the last two decades," Sciences Po publications 2009-21, Sciences Po.
  • Handle: RePEc:spo:wpmain:info:hdl:2441/5l6uh8ogmqildh09h469h02a5
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    References listed on IDEAS

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    5. Jerome Creel & Francesco Saraceno, 2008. "Automatic Stabilisation, Discretionary Policy and the Stability Pact," Documents de Travail de l'OFCE 2008-15, Observatoire Francais des Conjonctures Economiques (OFCE).
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    Cited by:

    1. Jean-Paul Fitoussi & Francesco Saraceno, 2010. "Inequality and macroeconomic performance," Working Papers hal-01069429, HAL.
    2. Jean-Paul Fitoussi & Francesco Saraceno, 2009. "How Deep is a Crisis? Policy Responses and Structural Factors Behind Diverging Performances," Documents de Travail de l'OFCE 2009-31, Observatoire Francais des Conjonctures Economiques (OFCE).
    3. Éloi Laurent & Jacques Le Cacheux, 2010. "Taille des pays et stratégies de croissance," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 171-190.

    More about this item

    Keywords

    European Union; global crisis; macroeconomic policies; social policies; euro area;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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