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Germany in the European Union: economic policy under ceded sovereignty

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  • Siebert, Horst

Abstract

The member states of the European Union have given up sovereignty in quite a number of policy areas and subjected themselves to joint decisionmaking at the European level. Policy instruments are no longer available nationally in many policy areas, including monetary policy, trade policy, the more important part of competition policy, subsidy control, and a large number of the regulations in the product market, the environmental arena, and the capital market. The maneuvering space for national economic policy-makers has been reduced considerably. In quite a few areas in which decisions are taken with a qualified majority, the member countries can be outvoted and have to accept the decisions taken by others. This paper surveys the new decision space of economic policy of a member state including the latest constitutional arrangement.

Suggested Citation

  • Siebert, Horst, 2004. "Germany in the European Union: economic policy under ceded sovereignty," Kiel Working Papers 1217, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:1217
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    References listed on IDEAS

    as
    1. Bob HanckÈ & David Soskice, 2003. "Wage-Setting and Inflation Targets in EMU," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 19(1), pages 149-160.
    2. Siebert, Horst, 2001. "How the EU can move to a higher growth path: some considerations," Kiel Discussion Papers 383, Kiel Institute for the World Economy (IfW Kiel).
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    More about this item

    Keywords

    European integration; sovereignty; EU constitution;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F15 - International Economics - - Trade - - - Economic Integration
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism

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