Examines 67 IMF Article IV consultations in 27 EU member states between 2008 and 2011, and shows that there is an overwhelming emphasis on fiscal consolidation, reduction of social expenditures, and measures that weaken the bargaining power and income of labour, and make it difficult to promote...

his paper reviews the literature on asymmetric monetary transmission within the European Monetary Union (EMU). At first, a stylized model is presented in order to highlight the importance of asymmetric monetary transmission for the decision-making of the European Central Bank (ECB). The...