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SCOPUS 학술저널

Towards a Balanced Policy Mix under EMU

Towards a Balanced Policy Mix under EMU: Co-ordination of Macroeconomic Policies and Economic Government ?

What kind of additional co-operation (-ordination) is necessary and feasible to cope with the new institutional set-up under EMU? Starting from the episode of the repo rate cut by the ECB in early 1999, it is asked what would have happened under a business as usual scenario. In this case, the pre-Maastricht pattern of fiscal policy would have quickly led to grave problems. A promising alternative monetary-fiscal policy mix in the first half of 1999 consisted of a restrictive fiscal policy and a monetary policy which had - within the bounds of price stability-some leeway to act counter-cyclically.

Ⅰ. Introduction

Ⅱ. The Status-quo: Traces of Co-ordination and Microeconomic Policy Recommendations

Ⅲ. Macroeconomic Policy Recommendations: What Has to Be Done? Reshaping Macroeconomic Policy?

Ⅳ. Getting the Policy Mix Right: The Role of the Euro-11

Ⅴ. Summary

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