The policy mix and policy coordination in EMU - how can it contribute to higher growth and employment?

Andrew Watt and Volker Hallwirth
Additional contact information
Andrew Watt: Senior researcher, ETUI awatt@etuc.org
Volker Hallwirth: German Federal Ministry of Economics and Labour: the views expressed here are personal and may not be attributed to the Ministry

Transfer: European Review of Labour and Research, 2003, vol. 9, issue 4, 610-632

Abstract: This article makes a case for improved coordination between the three main areas of economic policy - monetary, fiscal and wage policy - in the context of EMU. Focusing in particular on the monetary-wage policy link, it argues that, in an uncertain world, a coordinated macro policy mix would produce superior results than the current policy assignment, raising the rate at which the European economy can grow without inflationary pressures. However, such a strategy must overcome a number of practical difficulties and political opposition. The Macroeconomic Dialogue could provide a forum for discussions between policy actors on a more cooperative, growth and employment-oriented strategy. Trade unions must play a key role both in coordinating their wage policies and in promoting greater interaction with the other policy-mix actors.

Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:sae:treure:v:9:y:2003:i:4:p:610-632

DOI: 10.1177/102425890300900407

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