The Open Method of Coordination (OMC) is a new governance method applied in the European Union to policy fields where the main competences still rest with the member states. The OMC should help to foster mutual learning about successful policies and promote policy transfer by identifying best...

This paper studies the interactions between monetary and fiscal policies in the euro area. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the European central bank, the American...

Seit der Europäischen Währungsunion verfügt die Europäische Union über wirtschaftspolitische Kompetenzen, die bisher den Nationalstaaten vorbehalten waren. Der neu gewonnenen geldpolitischen Entscheidungsmacht der EU steht jedoch die nationale Souveränität in Fragen der Wirtschafts- und...

With a large-scale econometric world model we derive policy multipliers and the parameters for the utility functions for 10 EMU countries and for the ECB. The gains from cooperation are calculated by comparing two equilibria, a Nash and a cooperative equilibrium. The cooperative equilibrium is...