The set of fiscal rules within the Euro area are based on the functionality of the automatic stabilizers as a main instrument of the fiscal stabilization. This non-discretionary approach should guarantee that the evolution of the current budget deficit is anti-cyclic and thus it should...

This paper presents the main costs and benefits of accession to the EMU countries, different transmission mechanisms of monetary policy measures villages as national fiscal policies and the procedures for quantifying the effects of these measures on the real economy. Are costs caused by the...