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Challenges for Economic Policy Coordination within European Monetary Union

Author: Andrew J. Hughes Hallett

Publisher: Springer Science & Business Media

Published: 2013-06-29

Total Pages: 222

ISBN-13: 1475747381

The launch of European Monetary Union (EMU) marked the beginning of a new era, and its establishment has proved an impressive success at the technical, legal, and procedural level. After all, EMU has accelerated economic and political integration in the European Union and tied the economies of the Member States closer together. However, the performance of the euro, high unemployment rates, uneven output and investment growth, and the issue of structural reforms that have yet to be tackled have raised questions about the performance of EMU in practice. There is a general consensus on the justification for economic policy coordination. The existing literature on economic policy coordination, however, seems far from able to provide robust conclusions about how to organize the necessary interaction of institutions and policies. Therefore, there seems to be a case for re-examining the subject under the new framework set by EMU. The objective of such a reassessment is to enhance the understanding of what type of coordination and what institutional setting for policy coordination can be expected to be most favorable. Challenges for Economic Policy Coordination within European Monetary Union provides an intellectually stimulating contribution to the ongoing debate.

Europe: Government and Money

Author: Iain Begg

Publisher: Federal Trust

Published: 2002

Total Pages: 180

ISBN-13:

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One of the questions about running EMU is whether different strands of macroeconomic policy should be co-ordinated. This work covers the case for and against having an explicit co-ordination of fiscal and monetary policy, with essays from two of the leading architects of the current system.

The European Monetary Union

Author: Nicola Acocella

Publisher: Cambridge University Press

Published: 2020-08-27

Total Pages: 489

ISBN-13: 1108896987

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The European Union is at a crossroads. This book analyzes the historical roots of the EU's monetary and financial institutions in order to better understand its struggle to maintain an economic and monetary union, as well as the ongoing problems facing the Euro. The institutions of the EU are based on the operation of free markets, a common monetary policy, and the European Central Bank. These founding policies have created many of the imbalances at the root of the ongoing European recession. Reemerging threats of populism and localism are poised to further disintegrate the European construction and may spark fierce opposition between countries. Acocella engages with these risks, suggesting detailed actions for reform within the EU and its institutions that may steer it away from further conflict, allowing it to better serve its member states and citizens.

New Challenges for the Eurozone Governance

Author: José Caetano

Publisher: Springer Nature

Published: 2021-02-22

Total Pages: 321

ISBN-13: 3030623726

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This book adopts a comprehensive approach, combining the views of economists and political scientists, to assess the threats of maintaining the non-collaborative stance that prevailed in the response to past crises, and to explore new solutions to the present emergency. The coronavirus pandemic represents a serious test for the continued existence of the European Monetary Union. It has worsened pre-existing divisions among its members and highlighted the urgent need to address institutional and governance problems that were already apparent in the aftermath of the financial crisis and sovereign debt crisis, but have now gained in relevance following the more widespread impact of the disease across the European Union. This book discusses concrete strategies to overcome the current challenges, focusing on the need to build an effective economic and monetary union. It also reflects on ways of pursuing conformity with discipline and coordination rules while also adopting a more collaborative stance that has so far been absent in the Eurozone and has consistently undermined the political and social dimensions of the common currency project.

Redefining European Economic Governance

Author: Michele Chang

Publisher: Routledge

Published: 2016-04-14

Total Pages: 246

ISBN-13: 131763912X

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The global financial crisis and sovereign debt crisis exposed the inadequacy of European economic governance. Despite the multitude of new mechanisms and institutions that have arisen over the last few years, many contend that economic governance remains inadequate and the EU must integrate even further to calm still-volatile markets. A tension exists between creating effective instruments that will not overstep the authority delegated to an EU that has integrated economically but not politically. Can the EU’s economic governance system satisfy the demands of markets and politics? Relevant issues include the ability of supranational institutions to dictate policy to national governments, the harmonization of economic policies and institutions across Europe, and a substantial increase in the transfer of funds across borders. Can monetary union continue without political union? How will the new institutions alter the distribution of power between EU institutions as well as between member states? This edited volume analyzes the major policy challenges and institutional mechanisms at the EU- and international levels to combat the global financial crisis and the EU’s sovereign debt crisis such as financial integration, fiscal cooperation, and the rising power of the ECB. This book was published as a special issue of the Journal of European Integration.

Policy Coordination in a Monetary Union

Author: Michael Carlberg

Publisher: Springer Science & Business Media

Published: 2013-06-05

Total Pages: 284

ISBN-13: 3540247971

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A comprehensive study of the international coordination of economic policy in a monetary union. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the union central bank, the German government, and the French government. Similarly, as to policy cooperation, the focus is on cooperation between the union central bank, the German government, and the French government. The key questions are: Does the process of policy competition lead to full employment and price stability? Can these targets be achieved through policy cooperation? And is policy cooperation superior to policy competition? Another important issue is monetary competition / monetary cooperation between Europe and America.

Monetary and Fiscal Policies in EMU

Author: Marco Buti

Publisher: Cambridge University Press

Published: 2003-11-13

Total Pages: 376

ISBN-13: 9780521832151

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Leading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.

Enlarging the Euro Area

Author: Kenneth Dyson

Publisher: OUP Oxford

Published: 2006-11-02

Total Pages: 400

ISBN-13: 0191515426

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This book seeks to offer the first in-depth and systematic analysis of the challenges of the Euro Area and the eastward enlargement of the European Union. It focuses in particular on how the prolonged process of accession to the Euro Area is affecting domestic economic policies in the accession states of east central Europe. It contributes to Europeanization studies, comparative political economy and to studies of Economic and Monetary Union. It also provides a picture of processes of domestic transformation in such countries as the three Baltic States, Bulgaria, the Czech Republic, Hungary, Poland and Romania. The book brings together a range of recognized experts from across Europe and combines country and sectoral case studies with a thematic treatment. It begins by offering an 'outside-in' perspective, which situates the effects of EMU on the accession states in the wider context of the development of global economic norms. The second part focuses on an 'inside-out' analysis of how Euro Area accession affects the states of east central Europe - their policies, politics and public institutions. The final part assesses how Euro Area accession is affecting key policy sectors in east central Europe: financial market regulation, fiscal policies and welfare states and labour markets.

Macroeconomic Policy Coordination in Europe

Author: Ray Barrell

Publisher: SAGE Publications Limited

Published: 1993-02-08

Total Pages: 304

ISBN-13: 9780803987647

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Despite the progression towards the formation of European Monetary Union (EMU) there still exists considerable disagreement between economists about the relative merits of the current European Monetary System (EMS), EMU and a return to independent policy under floating exchange rates. This book is designed to contribute to this debate on monetary union in Europe by using large scale macroeconomic models of the world economy, including the OECD interlink model and the widely used NiGEM model, to evaluate the EMU, the EMS and the floating exchange rate policies. Various modelling groups address the issues facing Europe and the implications for policy analysis. The objective of the book is to show that the path to monetary uni