Policy Autonomy, Coordination or Harmonisation in the Persistently Heterogeneous European Union? WWWforEurope Working Paper No. 95

Luděk Kouba, Michal Mádr, Danuše Nerudová and Petr Rozmahel
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Petr Rozmahel: WIFO

in WIFO Studies from WIFO

Abstract: The European integration process is ongoing. Europe is still heterogeneous. Within this context, the paper addresses the question of whether policies in the EU should head towards autonomy, coordination or harmonisation. Taking the path dependence effect into account, in the papers' opinion, Europe has gone too far in its integration process to be able to continue with policies fully under the competencies of individual member countries. Furthermore, the establishment of the common currency in the EU as a result of deep harmonisation in the monetary policy area is an unambiguous precedent with many consequences. First of all, the habitual question still arises in the literature: does fiscal policy need to be harmonised to a comparable level, as these two policies necessarily complement each other? The paper argues that it does not.

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:wfo:wstudy:58136

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