A Reform Proposal for EMU Institutions

Marco Lossani, Piergiovanna Natale () and Patrizio Tirelli

MPRA Paper from University Library of Munich, Germany

Abstract: In this paper, we discuss a reform proposal for EMU macroeconomic institutions which rests on the generalised adoption of targets, for both monetary and fiscal policies, to be integrated by a system of checks and balances. The new arrangements for fiscal policies should induce EMU countries to internalise the external effects of their own policies, therefore allowing a partial relaxation of the SGP limits to national debt policies. As for monetary policy, we propose the adoption of an inflation target, the assignment of ex-post assessing powers to the Euro12-group and an internal reform of the ECB. The latter should limit undue nationalistic influences within the ECB governing bodies.

Keywords: EMU; Institutional design (search for similar items in EconPapers)
JEL-codes: E5 (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:18694

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