In EMU, a country may have difficulty ensuring stability in the face of asymmetric shocks; the response may be unstable … performance within Europe. Within EMU, a country may have difficulty ensuring stability in the face of asymmetric shocks; the …

This paper examines the benefits of co-ordination in EMU in a stylised manner and how these benefits have shaped the co …-ordination framework in EMU. It then discusses in detail the co-ordination experience in four areas that are particularly important for the … functioning of EMU: (i) fiscal policy co-ordination under the Stability and Growth Pact (SGP); (ii) the co-ordination of …

This paper reviews the macroeconomic use of national fiscal policy in EMU and examines the rational and scope for a …

Ten years on from its launch, it is clear that EMU, which has to be regarded as a more profound regime change than is … policy, EMU has had undoubted successes in assuring price stability and in instilling greater fiscal discipline, yet it is … compromises made at the outset and over the twenty years since the roadmap for EMU was first set out, notably to reconcile …