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European Integration - Macroeconomic Coordination Risks

Danilea Giurescu and Laura Giurca Vasilescu
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Danilea Giurescu: University of Craiova, Romania

Annals of the University of Petrosani, Economics, 2006, vol. 6, 91-96

Abstract: The microeconomic gains and the macroeconomic losses of the European Monetary Union creation have been greatly exaggerated, given the fact that the necessary preconditions of an optimum currency area lack. In this context, the EMU member’s vulnerability to economic shocks is increased and their ability to deal with them is decreased. The insufficient coordination of the economic policies is another macroeconomic risk factor of the european integration. It consists in the heterogeneity of member states’ economies, the taxation strategies and the insufficient coordination between the budget policies and the monetary policy.

Keywords: optimum currency area; economic policies coordination; fiscal harmonization; tax federalism; tax coordination; expansionist budget policy. (search for similar items in EconPapers)
Date: 2006
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Handle: RePEc:pet:annals:v:6:y:2006:p:91-96