In Europe, the completion of monetary unification has not been accompained by any step towards the coordination of fiscal policies. Fiscal policy institutions remain those of the EMU countries, albeit their behavior has been strictly constrained by a set of super-national rules. In this paper, we analyse the coherence and the effectiveness of this institutional setting of the EMU - that we characterise as "constrained international regime" - as for the objective of macroeconomic stabilisation.
Farina, F., Tamborini, R. (2002). Le politiche macroeconomiche di stabilizzazione in Europa nel nuovo regime di "unione monetaria". In Da nazioni a regioni. Mutamenti istituzionali e strutturali dopo l'unione monetaria europea (pp. 15-126). BOLOGNA : Il Mulino.
Le politiche macroeconomiche di stabilizzazione in Europa nel nuovo regime di "unione monetaria"
FARINA, FRANCESCO;
2002-01-01
Abstract
In Europe, the completion of monetary unification has not been accompained by any step towards the coordination of fiscal policies. Fiscal policy institutions remain those of the EMU countries, albeit their behavior has been strictly constrained by a set of super-national rules. In this paper, we analyse the coherence and the effectiveness of this institutional setting of the EMU - that we characterise as "constrained international regime" - as for the objective of macroeconomic stabilisation.
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https://hdl.handle.net/11365/28430
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