Bovenberg, A. Lans; Kremers, Jeroen J. M.; Masson, Paul R. - In: IMF Staff Papers 38 (1991) 2, pp. 374-398
The pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an economic and monetary union in Europe are reviewed. The issue is approached from three angles: the influence of EMU on budget discipline, intergenerational equity and intertemporal...