The Evolution of Economic Governance in EMU

Paul Van den Noord, Björn Döhring, Sven Langedijk, João Nogueira Martins, Lucio Pench, Heliodoro Temprano-Arroyo and Michael Thiel

No 328, European Economy - Economic Papers 2008 - 2015 from Directorate General Economic and Financial Affairs (DG ECFIN), European Commission

Abstract: This paper examines the benefits of co-ordination in EMU in a stylised manner and how these benefits have shaped the co-ordination framework in EMU. It then discusses in detail the co-ordination experience in four areas that are particularly important for the functioning of EMU: (i) fiscal policy co-ordination under the Stability and Growth Pact (SGP); (ii) the co-ordination of structural policies under the Lisbon Strategy for Growth and Jobs; (iii) the representation and co-ordination of euro-area positions in international financial fora; and (iv) the co-ordination of macroeconomic statistics. The thrust of the findings is that EMU's system of economic governance has, overall, proven fit for purpose. The current policy assignment to the institutions and instruments that govern the conduct of economic policy in EMU is sound, even though further progress is necessary in several areas, particularly as regards external representation.

Keywords: Governance; EMU; euro area; co-ordination; van den Noord; Döhring; Langedijk; Nogueira-Martins; Pench; Temprano-Arroyo; Thiel (search for similar items in EconPapers)
JEL-codes: E61 E62 F42 F53 F55 (search for similar items in EconPapers)
Pages: 79 pages
Date: 2008-06
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:euf:ecopap:0328

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