Macroeconomic Policy Coordination and the European Monetary System

Richard Portes

No 342, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper discusses the EMS and proposals to move towards EMU in the context of recent theoretical and empirical work on international policy coordination. It treats two particular themes: asymmetry among EMS countries and its implications for policy coordination; and the coordination required to reach agreed European Community macroeconomic policies. Section 1 examines policy coordination in a fixed exchange rate system. Section 2 discusses policy coordination in the Delors Committee Report, with its emphasis on fiscal policies. Section 3 deals with asymmetry and hegemony, and Section 4 suggests reasons to strengthen "absolute" policy coordination in the EC.

Keywords: EC; Exchange Rates; Fiscal Policy; Policy Coordination (search for similar items in EconPapers)
Date: 1989-09
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Chapter: Macroeconomic Policy Coordination and the European Monetary System (1990)
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