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An Alternative Stability Pact for the European Union

  • Philip Arestis

    (Univ of E. London & Jerome Levy Econ Inst)

  • Kevin McCauley

    (University of East London)

  • Malcolm Sawyer

    (Univ of Leeds & Jerome Levy Econ Inst)

This paper proposes an alternative stability and growth pact among European Union (EU) governments that would underpin the introduction of a single currency and a "single market" within the EU. The alternative pact embraces a number of new aspects of integration within the EU that are based on a different monetary analysis (different from that of "new monetarism"), new objectives for economic policy (such as employment and growth), and new institutions to reduce various kinds of disparities across the EU. The paper begins by critically examining the Stability and Growth Pact, which accompanied the introduction of the euro in January 1999, but which has not received as much attention in the policy debates on the euro as some other aspects of it. This is followed by a discussion of the institutional underpinnings of the euro, with the argument made that the institutional arrangements have a number of weaknesses. An alternative pact governing monetary and fiscal policy, which contains the promotion of the objective of full employment and that requires the creation of new institutions, is proposed.

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File URL: http://econwpa.repec.org/eps/mac/papers/0004/0004043.pdf
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Paper provided by EconWPA in its series Macroeconomics with number 0004043.

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Length: 27 pages
Date of creation: 23 Oct 2000
Date of revision:
Handle: RePEc:wpa:wuwpma:0004043
Note: Type of Document - Adobe Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 27; figures: included
Contact details of provider: Web page: http://econwpa.repec.org

References listed on IDEAS
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  1. P.G. Fisher & S.K. Tanna & D.S. Turner & K.F. Wallis & J.D. Whitley, 1989. "Comparative Properties of Models of the Uk Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 129(1), pages 69-87, August.
  2. Krugman, Paul, 1989. "The Case for Stabilizing Exchange Rates," Oxford Review of Economic Policy, Oxford University Press, vol. 5(3), pages 61-72, Autumn.
  3. Philip Arestis & Malcolm Sawyer, 2000. "The Economic and Monetary Union: Current and Future Prospects," Macroeconomics 0004029, EconWPA.
  4. Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-57, September.
  5. repec:sae:niesru:v:129:y::i:1:p:69-87 is not listed on IDEAS
  6. Arestis, Philip & Sawyer, Malcolm, 1998. "Keynesian Economic Policies for the New Millennium," Economic Journal, Royal Economic Society, vol. 108(446), pages 181-95, January.
  7. Marco BUTI & Daniele FRANCO & Hedwig ONGENA, 1997. "Budgeetary Policies during Recessions : Retrospective Application of the Stability and Growth Pact†to the Post-War Period," Discussion Papers (REL - Recherches Economiques de Louvain) 1997041, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  8. Patrick Honohan, 1995. "The Public Policy Role of the European Investment Bank within the EU," Journal of Common Market Studies, Wiley Blackwell, vol. 33(3), pages 315-330, 09.
  9. 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.
  10. Artis, Michael J & Winkler, Bernhard, 1997. "The Stability Pact: Safeguarding the Credibility of the European Central Bank," CEPR Discussion Papers 1688, C.E.P.R. Discussion Papers.
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