Fiscal Policy in the Economic and Monetary Union

Philip Arestis and Malcolm Sawyer ()

Chapter 5 in Economic and Monetary Union Macroeconomic Policies, 2013, pp 93-119 from Palgrave Macmillan

Abstract: Abstract The history of monetary unions clearly suggests that their successful continuation may be closely tied to political union (see Arestis et al., 2003, for example). It can be further noted that there has to be a set of political authorities which determines the unit of account of money, and the forms of money which will be accepted as payment of tax and in settlement of debts. When the euro was created, powers over the issue of money which lie at the level of the nation with the central bank passed to a Federal institution in the form of the European Central Bank.

Keywords: Fiscal Policy; Euro Area; Budget Deficit; Balance Budget; Automatic Stabiliser (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-31789-6_5

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DOI: 10.1057/9781137317896_5

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