Tumbling Giant: Germany’s Experience with the Maastricht Fiscal Criteria

Jürgen Hagen and Rolf Strauch

Chapter 4 in From EMS to EMU: 1979 to 1999 and Beyond, 1999, pp 70-94 from Palgrave Macmillan

Abstract: Abstract From the first time European Monetary Union (EMU) was officially declared a goal of European integration in 1969, to its realisation thirty years later, Europeans were divided over the question whether the common currency should be the beginning or the end of a process of monetary and fiscal convergence.1 The former was claimed by the ‘monetarists’, who argued that the adoption of a common currency would lead to the convergence of price and wage developments and of fiscal performance among the member states. The opposite view was held by the ‘economists’, who thought that the stability of the common currency could only be guaranteed, if the member states first proved that each could live with fiscal and monetary discipline.

Keywords: Fiscal Policy; Public Debt; Unemployment Insurance; Debt Ratio; European Monetary Union (search for similar items in EconPapers)
Date: 1999
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-27745-2_6

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349277452

DOI: 10.1007/978-1-349-27745-2_6

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().