Towards a Balanced Policy Mix under EMU
Towards a Balanced Policy Mix under EMU: Co-ordination of Macroeconomic Policies and Economic Government ?
- 세종대학교 경제통합연구소
- Journal of Economic Integration
- 제17권 제1호
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2002.0321 - 53 (33 pages)
- 2
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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