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The interaction of monetary and fiscal policies is a crucial issue in a highly integrated economic area as the European Union. We argue that EMU, which introduced a common monetary policy and restrictions on fiscal policy at the national level, increases the need for macroeconomic policy...
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This paper studies the experiences with fiscal adjustments in the EuropeanUnion (EU) countries during the transition …
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This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules...
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Strengthening budgetary surveillance and coordination of budgetary policy measures in the EU is of vital importance for … slowdown demonstrate. We analyse the progress that is underway in the current budgetary governance framework in the EU … the EU, and the coordination of national policies, including concepts of fiscal federalism, multi-level governance and …
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In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic set-up, on asymmetries, externalities, and the existence of a multi-country context. We study how coalitions among fiscal and monetary authorities are formed and what are their...
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