The Future of the Community Budget under EMU

Paul Spahn

Chapter 4 in The Community Budget for an Economic and Monetary Union, 1993, pp 76-161 from Palgrave Macmillan

Abstract: Abstract The 70s and early 80s were in fact difficult for the European Community: high rates of inflation combined with sluggish economic growth and persistently high unemployment. The process of European economic integration had almost come to a halt. The only major institutional reform was the creation, in 1979, of the European Monetary System (EMS) which was then regarded with suspicion by many analysts in particular by academics and central bankers. Concomitantly the United States, from 1982 on, experienced a strong expansion of their economy that brought about substantial employment growth and the reduction of inflation rates. The American experience was mainly attributed to three major economic policy measures: restrictive monetary policies, supply-side economics (mainly expressed through a lowering of tax rates), and deregulation, that is the reduction of state interference in the economy.1

Keywords: Cash Holding; Origin Principle; Destination Principle; Seigniorage Revenue; Residence Principle (search for similar items in EconPapers)
Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37267-2_4

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DOI: 10.1057/9780230372672_4

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