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Should We Worry About the Fiscal Numerology of Maastricht?

Buiter, Willem H. - C.E.P.R. Discussion Papers - 1992

fiscal convergence criteria written into the Treaty of Maastricht and its Protocols. In order to qualify for full membership …

Persistent link: https://www.econbiz.de/10005123517

Is Eastern Europe ready for the Euro? A Cointegration Analysis for the Maastricht Criteria

Meister, I.S. - de Nederlandsche Bank - 2002

This report documents the results of cointegration analyses of the degree of convergence which the economies of the … analysis is that most of the countries in the first group entering the EU have achieved a considerable degree of convergence … the EU in the more distant future, turn out to be lagging behind in the convergence process. …

Persistent link: https://www.econbiz.de/10005021863

Convergence and Anchoring of Yield Curves in the Euro Area

Ehrmann, Michael; Fratzscher, Marcel; Gürkaynak, Refet S. - C.E.P.R. Discussion Papers - 2007

We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries …) has led to substantial convergence in euro area sovereign bond markets in terms of interest rate levels, unconditional …

Persistent link: https://www.econbiz.de/10005067658

Is a Two-speed System in Europe the Answer to the Conflict between the German and the Anglo-Saxon Models of Monetary Control?

Demertzis, Maria; Hughes Hallett, Andrew - C.E.P.R. Discussion Papers - 1996

the convergence criteria will be able to adopt a single currency, while the remaining peripheral countries will continue … to use their national monetary instrument until monetary convergence is attained. In this paper we accept the core …

Persistent link: https://www.econbiz.de/10005124078

Relative Prices and Economic Adjustment in the US and EU: A Real Story About European Monetary Union

Bayoumi, Tamim; Thomas, Alun - C.E.P.R. Discussion Papers - 1994

Structural vector autoregressions are used to analyse the relationship between real output and relative prices within the European Union (EU) and the United States. Relative price variability appears to be more important for adjustment within the EU than the United States, reflecting the lower...

Persistent link: https://www.econbiz.de/10005067643

The sustainability of euro area debt: a re-assessment

Wierts, Peter - de Nederlandsche Bank - 2007

This paper re-assesses findings of the literature that the systematic debt stabilising response in fiscal policy has been sufficiently strong for keeping debt ratios on a sustainable path in Euro area countries. In doing so, it adjusts the standard approach to the specific context of Economic...

Persistent link: https://www.econbiz.de/10005021825

European Fiscal Union: What Is It? Does It Work? And Are There Really 'No Alternatives'?

Fuest, Clemens; Peichl, Andreas - Institute for the Study of Labor (IZA) - 2012

The view is widespread that there are just two options for the future of the Eurozone – either it is complemented by a fiscal union, or it will fall apart. In this paper, we discuss five possible elements of a fiscal union, of which three are in the centre of the current debate on fiscal union...

Persistent link: https://www.econbiz.de/10010556928

No Credit for Transition: The Maastricht Treaty and German Unemployment

Driffill, John; Miller, Marcus - C.E.P.R. Discussion Papers - 1998

Germany is generally regarded as the nominal anchor for Europe. Its participation is the sine qua non of EMU. It has been the largest net contributor to EU finances, the leading proponent of greater economic and political union, and the leading example of the virtues of fiscal and monetary...

Persistent link: https://www.econbiz.de/10005791778

Is Fiscal Policy Coordination in EMU Desirable?

Beetsma, Roel; Debrun, Xavier; Klaassen, Franc - C.E.P.R. Discussion Papers - 2001

It is widely argued that Europe's unified monetary policy calls for international coordination at the fiscal level. We survey the issues involved with such coordination of fiscal policy as a demand management tool and we use a simple model to investigate the circumstances under which...

Persistent link: https://www.econbiz.de/10005123582

Fiscal and Monetary Policy Under EMU: Credible Inflation Targets or Unpleasant Monetary Arithmetic?

Levine, Paul L; Pearlman, Joseph - C.E.P.R. Discussion Papers - 1992

The paper emphasizes the distinction between the purely fiscal reasons for fiscal policy coordination under EMU (given a credible low-inflation policy by the ECB), and the spillover effects of an uncoordinated fiscal policy on monetary policy. The worst scenario is where an independent ECB sets...

Persistent link: https://www.econbiz.de/10005497718