the cost of deficiencies in euro area economic policy coordination

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Quarterly selection of articles - Bulletin de la Banque de France, 2017, issue 46, 19-30

Abstract: The crisis highlighted the deficiencies of the European Economic and Monetary Union, particularly the absence of a collective fiscal and structural strategy. This type of strategy, based on appropriate structural reforms and better use of fiscal leeway, could have boosted euro area growth for the 2011-2013 period by two to three percentage points of GDP.

Keywords: economic policy coordination; European policy mix; fiscal consolidation costs; structural reform gains (search for similar items in EconPapers)
JEL-codes: E61 E62 F45 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:bfr:quarte:2017:46:02

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