The Brussels-Frankfurt-Washington Consensus. Old and New Tradeoffs in Economics

Jean-Paul Fitoussi () and Francesco Saraceno ()

No 2004-02, Documents de Travail de l'OFCE from Observatoire Francais des Conjonctures Economiques (OFCE)

Abstract: The application of the policies prescribed by the Washington Consensus in developing countries is the subject of a vast literature. What is much less known is that there exist only one pure laboratory experiment implementing the Washington Consensus in the western world: Europe. The aim of this paper is to show that Europe has gone very far in the internalisation of the Washington Consensus; in fact, it has devised constitutionally a form of government that has no choice but to implement it. What appears then clearly is that this attempt was not a success story.

Keywords: Washington Consensus; Stability Pact; European Union; European Central Bank; Structural Reforms (search for similar items in EconPapers)
JEL-codes: E58 E63 E65 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his and nep-mac
Date: 2004
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Forthcoming in the "Initiative for Policy Dialogue Macroeconomics Companion Volume", edited by Shari Spiegel and Joseph E. Stiglitz

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Persistent link: http://EconPapers.repec.org/RePEc:fce:doctra:0402

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