David G. Mayes, Iain Begg, Dermot Hodson, Imelda Maher,'s Adjusting to EMU (One Europe or Several?) PDF


By David G. Mayes, Iain Begg, Dermot Hodson, Imelda Maher, Brian Ardy

ISBN-10: 0230554741

ISBN-13: 9780230554740

ISBN-10: 033399566X

ISBN-13: 9780333995662

Fiscal and financial Union (EMU) includes a basic shift in macroeconomic coverage for partaking member states. Adjusting to EMU examines the layout and supply of financial, financial and supply-side guidelines in the euro sector. It appraises the power of the rising coverage structure to bring a harmonious coverage combine to 12 heterogeneous economies and the reaction of person member states to the limitations and possibilities created by way of EMU.

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Extra resources for Adjusting to EMU (One Europe or Several?)

Sample text

The conclusion of the chapter is that Estonia should prosper within Stage 3 and has become sufficiently open to have suitable adjustment mechanisms. The last part of the book draws together the material in the book and discusses policy issues. It highlights the shortcomings that have become evident in the policy framework, notably with the problems in the SGP, but also in other policy co-ordination processes. A key lesson that emerges from the volume is that not only are there diverse approaches to adjustment under EMU, but also that the experiences of the different Member States show that there is no single best practice.

The Strategy suggests where the extra growth might come from. At the time, the success of the US economy during the 1990s would have suggested that ‘new economy’ ideas could well have something to them. The key issue in the present context is the coherence of the strategy. If the growth does not emerge then the fiscal requirements of the strategy will come under unsustainable strain. If the strategy does not deliver a sufficient increase in participation in the employment market (or reallocation of working patterns), the burden of the non-employed on the earning capacity of the employed will require considerable changes in behaviour and relative living standards.

Evidence on key policy areas and how they have evolved in a selection of countries is presented in Part 2. Conclusions are then drawn in Part 3. Chapter 2 sets the scene for macroeconomic policy in EMU. It identifies the key challenges and how they are being met thus far within the (pervasive) context of the Lisbon Agenda with its call for a quantum leap forward in EU economic performance. The new regime is under pressure with growth slowed and unemployment rising, leading to pressure on the Stability and Growth Pact which so far, correctly, has had minor reforms (see Chapter 4).

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Adjusting to EMU (One Europe or Several?) by David G. Mayes, Iain Begg, Dermot Hodson, Imelda Maher, Brian Ardy

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