Economic spillovers, structural reforms and policy coordination in the Euro Area: An overview

Klaus Weyerstrass, Koen Schoors and Bas Aarle
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Bas Aarle: University of Maastricht

Chapter 1 in Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area, 2008, pp 1-25 from Springer

Abstract: Abstract Macroeconomic policymaking in the European Union’s Economic and Monetary Union (EMU) is characterised by an asymmetric division of competences: While monetary policy is conducted centrally by the European System of Central Banks and the European Central Bank (ECB) in particular, structural and fiscal policies remain under the responsibility of the individual Member States, but they are subject to intensive consultation and multilateral surveillance. Article 99 of the EC Treaty calls on Member States to regard their economic policies as a matter of common concern and to coordinate them in the Council, with a view to achieving, inter alia, higher non-inflationary growth and a better standard of living.

Keywords: Monetary Policy; Total Factor Productivity; Fiscal Policy; Euro Area; Public Debt (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1007/978-3-7908-1970-0_1

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