Fiscal Policy in the Economic and Monetary Union

2013 ◽  
pp. 93-119
Author(s):  
Philip Arestis ◽  
Malcolm Sawyer
Keyword(s):  
Fiscal Policy ◽  
Monetary Union ◽  
Economic And Monetary Union

Book Reviews

2006 ◽  
Vol 56 (4) ◽  
pp. 455-468
Author(s):  
Zoltán Ádám ◽  
László Csaba ◽  
András Bakács ◽  
Zoltán Pogátsa
Keyword(s):  
Developing Countries ◽  
Fiscal Policy ◽  
Monetary Union ◽  
Economic And Monetary Union ◽  
European Studies ◽  
Eu Accession ◽  
East European ◽  
The World ◽  
The Government

István Csillag - Péter Mihályi: Kettős kötés: A stabilizáció és a reformok 18 hónapja [Double Bandage: The 18 Months of Stabilisation and Reforms] (Budapest: Globális Tudás Alapítvány, 2006, 144 pp.) Reviewed by Zoltán Ádám; Marco Buti - Daniele Franco: Fiscal Policy in Economic and Monetary Union. Theory, Evidence and Institutions (Cheltenham/UK - Northampton/MA/USA: Edward Elgar Publishing Co., 2005, 320 pp.) Reviewed by László Csaba; Piotr Jaworski - Tomasz Mickiewicz (eds): Polish EU Accession in Comparative Perspective: Macroeconomics, Finance and the Government (School of Slavonic and East European Studies, University College of London, 2006, 171 pp.) Reviewed by András Bakács; Is FDI Based R&D Really Growing in Developing Countries? The World Investment Report 2005. Reviewed by Zoltán Pogátsa

Annex II. Fiscal Policy in Europe

1989 ◽  
Vol 129 ◽  
pp. 39-41
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Exchange Rates ◽  
Interest Rates ◽  
Monetary Union ◽  
Balance Of Payments ◽  
Economic And Monetary Union ◽  
Financial Cost ◽  
Fiscal Prudence ◽  
Delors Report

The Delors report on European Economic and Monetary Union proposed that fiscal as well as monetary policy should be subject to centralised control. The committee is concerned that individual governments would not feel constrained to observe fiscal prudence, and that some of the consequences of a fiscal expansion would fall on other members of the Community. In particular, if exchange rates between member states were fixed and interest rates on equivalent assets were the same everywhere, a fiscal expansion in one country would lead to a rise in prices everywhere, and some of the financial cost would be paid by the rest of the Community because the home country's balance of payments would deteriorate.

scholarly journals Economic and Monetary Union in Europe

1992 ◽  
Vol 6 (4) ◽  
pp. 31-52 ◽  
Author(s):  
Charles R Bean
Keyword(s):  
Fiscal Policy ◽  
Central Bank ◽  
Monetary Union ◽  
Fiscal Federalism ◽  
European Central Bank ◽  
Economic And Monetary Union ◽  
Common Currency ◽  
European Central ◽  
Monetary Stability

The European Council's Maastricht Agreement maps out a precise route to monetary union and the eventual introduction of a common currency. My discussion begins with a look at the general arguments for and against monetary union. I shall then discuss the proposed constitution of the European Central Bank and whether it is likely to be conducive to monetary stability, together with some of the problems posed by the transition to the new regime. Finally, I will turn to the issue of rules for the conduct of fiscal policy and the question of “fiscal federalism.”

scholarly journals Effectiveness of Fiscal Policy Coordination Rules in the Monetary Union

Equilibrium ◽  
2012 ◽  
Vol 7 (3) ◽  
pp. 73-91
Author(s):  
Bernadeta Baran
Keyword(s):  
Fiscal Policy ◽  
Monetary Union ◽  
Policy Coordination ◽  
Economic And Monetary Union ◽  
Fiscal Policies ◽  
Stability And Growth Pact ◽  
Common Currency ◽  
Member States ◽  
Rule Based ◽  
Growth Pact

Stability and Growth Pact is the main rule-based framework for the coordination of national fiscal policies in the economic and monetary union (EMU). It was established to safeguard sound public finances, an important requirement for EMU to function properly. Member states had a lot of determination before setting up a monetary union (nominal criteria were a condition to adopt common currency). In the next years, coordination of fiscal policy was not so successful. In many countries, revenues were temporarily boosted by tax-rich activity, while they didn’t restrict their expenditures. In most countries fiscal policy was pro-cyclical (not anti-cyclical) and they didn’t achieve their MTO. Financial crisis has sharpened budgetary problems in member states and showed the weakness of coordination rules.

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