Quotation Breuss, Fritz. 2000. Flexibility, Fiscal Policy and Stability and Growth Pact. In: Fourth ECSA-World Conference ¿ The European Union and the EURO: economic, institutional and international aspects, Hrsg. European Commission, 98-126. Luxembourg: European Commission.


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Abstract

This paper evaluates the possible caveats of the political and institutional design of EMU before its start on 1 January 1999. A transfer union can be excluded right from the beginning. As an alternative, to be able to cope with external shocks, some suggestions are made to stabilize the economies of the Euro area. The EMU, far of being a political union with a central fiscal capacity, must therefore coordinate fiscal policy based on the arrangements of the stability and growth pact. Finally, the costs and benefits of the asymmetric policy design of EMU (centralized monetary policy and de-centralized fiscal policy) are analysed in this paper.

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Publication's profile

Status of publication Published
Affiliation External
Type of publication Chapter in edited volume
Language English
Title Flexibility, Fiscal Policy and Stability and Growth Pact
Title of whole publication Fourth ECSA-World Conference ¿ The European Union and the EURO: economic, institutional and international aspects
Editor European Commission
Page from 98
Page to 126
Location Luxembourg
Publisher European Commission
Year 2000
ISBN 92-828-7263-7
JEL E62 E63 F15 H30 H50

Associations

People
Breuss, Fritz (Details)
Organization
Institute for International Economics IN (Details)
Research areas (ÖSTAT Classification 'Statistik Austria')
5115 European integration (Details)
5334 Political economic policy (Details)
5344 Foreign trade (Details)
5371 Macroeconomics (Details)
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