Challenges for Economic Policy Coordination within European Monetary Union
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

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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.

The Stability and Growth Pact
The Stability and Growth Pact

Author: A. Brunila

Publisher: Springer

Published: 2001-09-20

Total Pages: 446

ISBN-13: 0230629261

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The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The contributions in this volume analyse the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications. The authors include academic economists, who provide insightful analysis, and policy makers who have contributed to the shaping of the pact and have a direct responsibility for its implementation. This book is the definitive source of reference on the SGP for academics, policy makes and economists.

The Future of Europe, Revisited
The Future of Europe, Revisited

Author: Peter Coffey

Publisher: Edward Elgar Publishing

Published: 2003-01-01

Total Pages: 232

ISBN-13: 9781781957196

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Europe is at a major crossroads in its post-World War II history. The European Union (EU) has not only successfully adopted the euro as a common currency but it has also included twelve more member states. In this comprehensive volume, Peter Coffey, author of The Future of Europe (Edward Elgar, 1995), examines the major issues and challenges facing Europe and presents a concise and up-to-date analysis of the economic, political and social issues facing the EU following enlargement.

Coordination of Monetary and Fiscal Policies
Coordination of Monetary and Fiscal Policies

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1998-03-01

Total Pages: 33

ISBN-13: 1451844239

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Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.

101 Proposals to Reform the Stability and Growth Pact
101 Proposals to Reform the Stability and Growth Pact

Author: Jonas Fischer

Publisher:

Published: 2006

Total Pages: 68

ISBN-13:

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The failure of key EU Member States to respect the requirements of the Stability and Growth Pact (SGP) a few years after its inception triggered a heated debate on how to reform the framework of fiscal policy coordination in the Economic and Monetary Union (EMU). This paper systematically analyzes 101 reform proposals presented by professional academic and non-academic economists prior to March 2005, when the Council of the European Union adopted a revised version of the SGP. Each proposal is characterized by a set of variables reflecting features such as the degree of modification of the SGP, the background of its author(s), the main aim attached to fiscal policy coordination in the EMU, the timing of the proposal and the type of proposal made. Using multivariate statistical analysis, roughly four different schools of thought concerning the reform of the SGP are identified. In line with the main findings of the political economy literature, all four schools of thought share the view that in the absence of specific rules fiscal policy would lead to excessive deficits and hence affect the conduct of the common monetary policy. However, beyond this common denominator, there is no consensus on how best to co-ordinate fiscal policy. Several explanations for the multitude of proposals are presented, the most important being the present lack of a consensus in the economics profession concerning the role of fiscal policy.

Global Public Goods and Sustainable Development in the Practice of International Organizations
Global Public Goods and Sustainable Development in the Practice of International Organizations

Author:

Publisher: BRILL

Published: 2023-11-07

Total Pages: 402

ISBN-13: 9004687262

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This volume examines in an innovative and applied perspective the interdependence between the role of international organizations, the existence of global public goods and the need of sustainable development. Moreover, it is set within the context of current challenges in today’s world of dramatic transition and clearly responds to the need for filling the existing research gap in this area. It also demonstrates excellent knowledge of primary resources and a very good mastery of the various concepts and policy issues. Moreover, it offers an important added value to the theory, research and recent publications of the concerned broad study field. Contributors are: Aleksandra Borowicz, Leiza Brumat, Diego Caballero Vélez, Giuseppe T. Cirella, Rasa Daugėlienė, Agnieszka Domańska, Małgorzata Dziembała, Lenka Fojtíková, Katja Zajc Kejžar, Agnieszka Kłos, Ewa Kosycarz, Anatoliy Kruglashov, Andrzej Latoszek, Ewa Latoszek, Mirella Mărcuț, Willem Molle, Ewa Osuch-Rak, Marta Pachocka, Nina Ponikvar, Magdalena Proczek, Angela Maria Romito, Piotr Stolarczyk, Aleksandra Szczerba, and Anna Wójtowicz

EU Law of Economic & Monetary Union
EU Law of Economic & Monetary Union

Author: Fabian Amtenbrink

Publisher: Oxford University Press

Published: 2020-05-21

Total Pages: 1808

ISBN-13: 0192512498

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Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.

Europe's Future
Europe's Future

Author: Sergio Fabbrini

Publisher: Cambridge University Press

Published: 2019-03-14

Total Pages: 183

ISBN-13: 1316999521

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Sergio Fabbrini proposes a way out of the EU's crises, which have triggered an unprecedented cleavage between 'sovereignist' and 'Europeanist' forces. The intergovernmental governance of the multiple crises of the past decade has led to a division on the very rationale of Europe's integration project. Sovereignism (the expression of nationalistic and populist forces) has demanded more decision-making autonomy for the EU member states, although Europeanism has struggled to make an effective case against this challenge. Fabbrini proposes a new perspective to release the EU from this predicament, involving the decoupling and reforming of the EU: on the one hand, the economic community of the single market (consisting of the current member states of the EU and of others interested in joining or re-joining it); and on the other, the political union (largely based on the eurozone reformed according to an original model of the federal union).

Economic Policy in EMU
Economic Policy in EMU

Author: Marco Buti

Publisher: Oxford University Press

Published: 1998

Total Pages: 280

ISBN-13: 9780198294771

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With the advent of the third and final phase of European and Monetary Union (EMU), the debate over European monetary unification is at the top of the political and economic agenda. Much has been written over the past five years about whether EMU is justified given the various expected benefitsand prospective costs, but there has been little detailed material on how EMU will work and what the practical implications of it will be for Europe as a whole. Economic Policy in EMU is a comprehensive look at the mechanisms involved, likely effects on monetary and budgetary policy, and the ways in which monetary union will deal with and affect business cycles and regional differences. It combines rigorous analysis of how the European economy works withan insider view of how this will change after 1999: as such, it is vital reading for all involved in the most important topic facing Europe today.

Routledge Handbook of Diplomacy and Statecraft
Routledge Handbook of Diplomacy and Statecraft

Author: B.J.C. McKercher

Publisher: Routledge

Published: 2012-03-12

Total Pages: 816

ISBN-13: 113666436X

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Despite post-Cold War arguments about their demise, ‘Great Powers’ not only continue to thrive, with lesser Powers they form the basis of the constellation of global politics. This topical new Handbook illustrates how and why the new international order has evolved – and is still evolving – since the end of the Cold War, through the application of diplomacy and statecraft. Including cutting edge contributions from over 40 scholars, the handbook is structured around seven sections: Context of Diplomacy Great Powers Middle Powers Developing Powers International Organisations and Military Alliances International Economy Issues of Conflict and Co-operation Through analysis of a wide range of case studies, the Handbook assesses the diplomacy and statecraft of individual powers, offering insights into how they function, their individual perception of national interests and the roles they play in modern statecraft. The contributors also seek to evaluate the organizations and contemporary issues that continue to influence the shaping of the new international order. A comprehensive survey of diplomacy across the world, this work will be essential reading for scholars and professionals alike.