Download Adjusting to EMU (One Europe or Several?) by David G. Mayes, Iain Begg, Dermot Hodson, Imelda Maher, PDF

By David G. Mayes, Iain Begg, Dermot Hodson, Imelda Maher, Brian Ardy

Monetary and financial Union (EMU) involves a basic shift in macroeconomic coverage for engaging member states. Adjusting to EMU examines the layout and supply of financial, monetary and supply-side regulations in the euro sector. It appraises the power of the rising coverage structure to carry a harmonious coverage combine to 12 heterogeneous economies and the reaction of person member states to the limitations and possibilities created by way of EMU.

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Sample text

The Strategy suggests where the extra growth might come from. At the time, the success of the US economy during the 1990s would have suggested that ‘new economy’ ideas could well have something to them. The key issue in the present context is the coherence of the strategy. If the growth does not emerge then the fiscal requirements of the strategy will come under unsustainable strain. If the strategy does not deliver a sufficient increase in participation in the employment market (or reallocation of working patterns), the burden of the non-employed on the earning capacity of the employed will require considerable changes in behaviour and relative living standards.

Economic policy co-ordination is found in a number of Treaty provisions. These mechanisms have gradually been consolidated since the launch of the euro, yet it has to be stressed that both the EU level and the Member States are in a ‘learning phase’ with regard to economic modes of governance. The BEPGs provide recommendations for the broad thrust of economic policy. These guidelines comprise general policy aims for the EU as a whole (and not just the euro area), together with specific recommendations for individual Member States.

The 2005 re-launch of the Lisbon strategy is intended to achieve further streamlining by bringing the Commission’s recommendations on the BEPGs and its proposal on the Employment Guidelines into a single document to be known as the Integrated Guidelines. However, as noted above, this array of co-ordination machinery does not cover the core of the traditional notion of policy mix, namely how fiscal and monetary policy are combined. Instead, the emphasis is on what might be called horizontal co-ordination across individual policy areas, and the only real links between monetary policy and other economic policy domains are consultative, via fora such as the Eurogroup, the Economic and Financial Committee and the macroeconomic dialogue.

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