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URL :  Coordination of economic policies in the EU
Author : ...
Detail : eBook Edition: 2002

More specifically, the rationale for economic policy co-ordination rests on the following grounds. Co-ordination is needed to take account of direct cross-border spillovers of national policies on neighbouring countries. In addition, euro-area participants can also be affected indirectly by national policy actions. The average inflation rate and the exchange rate have become common goods. Thus, a national policy action that affects these variables can in turn impact the ECB policy decision on interest rates or the ECOFIN Council’s judgement on exchange rates. Moreover, co-ordination should help countering temptation to resort to free-rider behaviour on the part of the Member States. Finally, besides economic arguments, co-ordination can also play a useful role from a political-economy viewpoint by helping to implement unpopular but necessary policy actions at national level. (From author)

eBook Contents

Introduction and overview - The Broad Economic Policy Guidelines (BEPGs) - The Stability and Growth Pact - The Employment Guidelines (EGs) - The Cardiff process for economic reform - The Macroeconomic Dialogue under the Cologne Process – References

eBook License: Copyrighted (Personal Use Only)

Free PDF eBook - 301 Kb - 44 Pages
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