Macroeconomic policy coordination in Europe: An agnostic view

Joachim Scheide

No 1174, Kiel Working Papers from Kiel Institute for the World Economy (IfW Kiel)

Abstract: Coordination is a fundamental principle for economic policy in the EU. There is a consensus that soft coordination (exchange of information, general guidelines for economic policy) is useful. Whether stabilization policies should be coordinated is another matter. Against the background of the Broad Economic Policy Guidelines (BEPG) and the literature on macro policies it is discussed whether the conditions for such coordination are met in Europe. Commitments by policymakers are almost impossible, fiscal policies may not be effective, and negative spillovers are unlikely. Therefore, the arguments for an ex ante coordination of macro policies are weak. Nevertheless, economic policies can be successful in achieving the targets even if they are not coordinated.

Keywords: Stabilization policies; International policy coordination (search for similar items in EconPapers)
JEL-codes: E61 E62 F42 (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwkwp:1174

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