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How will EMU affect Cohesion?

Brian Ardy, Iain Begg, Waltraud Schelkle and Francisco Torres ()
Additional contact information
Brian Ardy: South Bank University and University of Reading
Iain Begg: European Institute, London School of Economics and Political Science
Waltraud Schelkle: European Institute, London School of Economics and Political Science

No 6, Working Papers de Economia (Economics Working Papers) from Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro

Abstract: The new policy environment of EMU affects economic, political, and social cohesion in different ways: the policy mix and menu will be reconfigured; it will provide for more macroeconomic stability in cohesion countries; economic competition will intensify and change patterns of specialisation; and comparison of living standards will become easier which puts pressure on policymakers to reduce inequalities. This article assesses the significance of these effects and their likely consequences in the short, medium and long run. Then the salient cohesion issues regarding Eastern enlargement are discussed. Finally, policy conclusions are drawn, mindful of the considerable uncertainties that warrant further research.

Keywords: cohesion; EMU; regional development; macroeconomic stability; enlargement (search for similar items in EconPapers)
JEL-codes: F42 J60 R11 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2003-10
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