A Scheme to Coordinate Monetary and Fiscal Policies in the Euro Area

Marta Vàzquez Suàrez and Carlo Panico

Working Papers from Political Economy Research Institute, University of Massachusetts at Amherst

Abstract: The paper deals with the problems of coordination between monetary and fiscal policies in the Euro area. It examines how the existing institutions handle these problems and presents a proposal to reorganize them. The paper points out that, contrary to what is often stated by the literature, there is a need for coordination between monetary and fiscal policies when both cyclical (short-run) and structural (long-run) problems are dealt with. Then it assesses how coordination is carried out under the existing institutional arrangements, summarizes the main literature that has dealt, in recent years, with the need to modify them and proposes a new scheme, which intends to make them work effectively.

Keywords: European Monetary Union; policy coordination; Stability and Growth Pact (search for similar items in EconPapers)
JEL-codes: E61 E63 F33 P16 (search for similar items in EconPapers)
Date: 2007
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