The Stability Pact: A Macroeconomic Straitjacket!

Jesper Jespersen

Chapter 3 in The Price of the Euro, 2004, pp 45-57 from Palgrave Macmillan

Abstract: Abstract From the theory of Optimal Currency Areas (OCA) we know that the European Monetary Union (EMU) is certainly not an OCA. This observation implies that on the one hand the member countries will have a macroeconomic development that differs, but have, due to membership of the EMU, got much limited room for manoeuvre for pursuing an independent macroeconomic policy.

Keywords: Monetary Policy; Fiscal Policy; Budget Deficit; European Monetary Union; Private Saving (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1057/9780230523807_3

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