The European Union S Structures And Procedures For Macroeconomic Policy Coordination Do They Amount To A Form Of Economic Government
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The European Union S Structures And Procedures For Macroeconomic Policy Coordination Do They Amount To A Form Of Economic Government
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Author : Sara Buckow
language : de
Publisher: GRIN Verlag
Release Date : 2011-08-15
The European Union S Structures And Procedures For Macroeconomic Policy Coordination Do They Amount To A Form Of Economic Government written by Sara Buckow and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-15 with Political Science categories.
Essay aus dem Jahr 2010 im Fachbereich Politik - Thema: Europäische Union, University of Bath, Sprache: Deutsch, Abstract: “To become the most competitive and dynamic knowledge-based economy in the world, capable of sustainable economic growth with more and better jobs and greater social cohesion” was the main objective at the Lisbon European Council meeting in 2000 (European Commission, 2002). A decade later – in March 2010 – the Commission set a new strategic goal under the name “Europe 2020”. Achieving a “new economic policy coordination process” and again “smart, sustainable and inclusive growth” are the aims of this strategy announced by the Commission in 2010 (European Commission 2010). It becomes obvious that realising these goals requires harmonious coordination of macroeconomic policies. Therefore, this essay explores the different structures and procedures in place to coordinate the macroeconomic policy in the European Union (EU). It will focus upon fiscal and monetary policy-making as well as the Broad Economic Policy Guidelines and the Stability and Growth pact against the background of current debates. Identifying gaps in the policy-making processes will be the emphasis of the first part whereas the second part will be devoted to the exploring whether a form of “Economic Government” exists. This essay argues that the discrepancy between supranational monetary policy-making and national fiscal policy-making is an obstacle to the achievement of “Economic Government”. Due to increasing interdependence in form of institutions such as the Single Market and especially the introduction of the Economic and Monetary Union (EMU), coordination has become an imperative. In the view of the European Commission (2002), coordination of economic policies is highly desirable in order to “account for direct cross-border spillover effects of national policies on neighbouring countries”. For instance, policy decisions on a national level have an impact on the inflation and exchange rates, which in turn influences the European Central Bank’s (ECB) policy decision-making. Begg et al (2003) categorise arising expenses as social costs, as established fiscal policies become destructive to previously implemented guidelines and harm the stability of the overall coordination. Thus a coherent coordination system reduces social costs. [...]
Economic Government Of The Eu
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Author : C. Meyer
language : en
Publisher: Springer
Release Date : 2007-01-05
Economic Government Of The Eu written by C. Meyer and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-05 with Political Science categories.
The creation of Monetary Union marked a major step in the evolution of the European Union. Is the EU now taking the next step of deeper integration towards a fully-fledged economic government? The book seeks to answer this question by studying the evolution, execution and performance of new modes of economic policy co-ordination as potential stepping-stones towards more institutionalized forms of economic governance.
Economic Policy Coordination In The Euro Area
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Author : Armin Steinbach
language : en
Publisher: Routledge
Release Date : 2014-05-09
Economic Policy Coordination In The Euro Area written by Armin Steinbach and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-09 with Business & Economics categories.
The European debt crisis has given new impetus to the debate on economic policy coordination. In economic literature, the need for coordination has long been denied based on the view that fiscal, wage and monetary policy actors should work independently. However, the high and persistent degree of macroeconomic disparity within the EU and the absence of an optimum currency area has led to new calls for examining policy coordination. This book adopts an institutional perspective, exploring the incentives for policymakers that result from coordination mechanisms in the fields of fiscal, monetary and wage policy. Based on the concept of externalities, the work examines cross-border spillovers (e.g. induced by fiscal policy) and cross-policy spillovers (e.g. between fiscal and monetary policies), illuminating how they have empirically changed over time and how they have been addressed by policymakers. Steinbach introduces a useful classification scheme that distinguishes between vertical and horizontal coordination as well as between cross-border and cross-policy coordination. The author discusses farther-reaching forms of fiscal coordination (e.g. debt limits, insolvency proceedings, Eurobonds) with special attention to how principals of state organization affect their viability. Federal states and Bundesstaaten differ in the incentives they offer for debt accumulation – and thus in their suitability for fiscal coordination. Steinbach finds that the originally strict separation between policy areas has undergone significant change during the debt crisis. Indeed, recent efforts to coordinate policy are no longer limited to one policy area, but now extend to several areas. Steinbach argues that further fiscal policy coordination can be effectively deployed to address policy externalities, but that the coordination mechanisms used must match the form of state organization in the first place. Regarding wage policies, there are significant barriers to coordination. Notwithstanding some empirical successes in the implementation of a productivity-oriented wage policy, the high heterogeneity of national wage-setting institutions is likely to prevent any wage coordination.
Macroeconomic Policy Coordination In Emu
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Author : Theresa Petra Hauck
language : en
Publisher: GRIN Verlag
Release Date : 2016-09-14
Macroeconomic Policy Coordination In Emu written by Theresa Petra Hauck and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-14 with Business & Economics categories.
Bachelor Thesis from the year 2016 in the subject Economics - Macro-economics, general, grade: 1,0, University of Bamberg, language: English, abstract: The financial crisis and the subsequent European sovereign debt crisis have highlighted the high degree of interdependence among EMU member states. The crisis period made much more clear that a macroeconomic policy coordination framework is indispensable as there is great sensibility and high risk for contagion effects. The structure of EMU in its highest level of integration as of one monetary authority vis-à-vis many fiscal authorities brings about several specific aspects regarding coordination. In order to achieve and ensure economic stability in such a unique constellation there have been established several measures and frameworks with the Stability and Growth Pact as the centre point. Designed on the grounds of and motivated by the objective of stabilising the overall economy, the pact promotes fiscal discipline through limiting government deficits and debts in order to prevent adverse fiscal spillover effects and freeriding behaviour of national fiscal authorities which could risk price and overall macroeconomic stability of the common currency area. This however brings about limitations for governments to discretionarily react to national economic needs and conditions. This bachelor thesis addresses the resulting tension between a theoretical and fundamental need for macroeconomic policy coordination in a monetary union environment and the politico-economic reality. The main goals are: to examine the main arguments in favour and against the pact under the areas of content, objectives and enforcement design; to highlight the resulting trade-offs; and to link these to developments and reforms of the pact but also to different economic contexts, namely the time period before and the time period during and after the crisis. The main finding is that reforms regarding macroeconomic policy coordination which were introduced after the beginning of the crisis period do not represent a rearrangement of the SGP framework and rather address the same debate on economic trade-offs only with a changed set of conditions. The reforms regarding the pact can be described as developments refocusing on the core of the pact while still shifting it in the directions of some propositions along with criticism which had been expressed long before the crisis period.
Coordination Of Monetary And Fiscal Policies
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1998-03-01
Coordination Of Monetary And Fiscal Policies written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-03-01 with Business & Economics categories.
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.
Policy Making In The European Union
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Author : Helen Wallace
language : en
Publisher: Oxford University Press, USA
Release Date : 2015
Policy Making In The European Union written by Helen Wallace and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Political Science categories.
The policies of the European Union profoundly affect the lives of people in Europe and around the world. The new edition of this highly successful textbook outlines how and why such decisions are made, as well as the key challenges faced by policy-makers in the current political and economic climate.
Macroeconomic Policies In The World Economy
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Author : Horst Siebert
language : en
Publisher: Springer Science & Business Media
Release Date : 2004-08-02
Macroeconomic Policies In The World Economy written by Horst Siebert and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-08-02 with Business & Economics categories.
The integration of goods and financial markets has progressed on a global scale in recent years. Thus, the cyclical patterns in the world economy may have changed too. Against this background, experts in international economics analyze the synchronization of business cycles and their volatility in this book. Is there an European business cycle? What is the role of multinational corporations and monetary policy in transmitting business cycles? Further, they discuss the need and feasibility of internationally coordinating monetary and exchange rate policies and the quantitative effects of tax competition.
One Market One Money
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Author : Michael Emerson
language : en
Publisher:
Release Date : 1992
One Market One Money written by Michael Emerson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.
The Future Of Economic Governance In The Eu
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Author : Great Britain: Parliament: House of Lords: European Union Committee
language : en
Publisher: The Stationery Office
Release Date : 2011-03-28
The Future Of Economic Governance In The Eu written by Great Britain: Parliament: House of Lords: European Union Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-28 with Political Science categories.
Inquiry conducted by Sub-committee A (Economic and Financial Affairs, and International Trade)
The History Of The European Union
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Author : Giuliano Amato
language : en
Publisher: Bloomsbury Publishing
Release Date : 2019-02-07
The History Of The European Union written by Giuliano Amato and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-07 with Law categories.
The European Union celebrated its 60th anniversary in 2017, but celebrations were muted by Brexit and the growing sense of a crisis of identity. However, as this seminal work shows, the history and ambition of the European Union are considerable. Written by key stakeholders who, between them, acted as architects, adjudicators and arbitrators of the project, it presents the definitive history of the first two generations of the European Union. This book revisits the birth and consolidation of the great project of a united Europe and the political, institutional, judicial and economical frameworks of the European Union: from the process towards integration, to the advancements and the impasses in building a political union.