Ebook: Challenges for Economic Policy Coordination within European Monetary Union

The launch of European Monetary Union (EMU) marked the beginning of a new era, and its establishment has proved an impressive success at the technical, legal, and procedural level. After all, EMU has accelerated economic and political integration in the European Union and tied the economies of the Member States closer together. However, the performance of the euro, high unemployment rates, uneven output and investment growth, and the issue of structural reforms that have yet to be tackled have raised questions about the performance of EMU in practice.
There is a general consensus on the justification for economic policy coordination. The existing literature on economic policy coordination, however, seems far from able to provide robust conclusions about how to organize the necessary interaction of institutions and policies. Therefore, there seems to be a case for re-examining the subject under the new framework set by EMU.
The objective of such a reassessment is to enhance the understanding of what type of coordination and what institutional setting for policy coordination can be expected to be most favorable. Challenges forEconomic Policy Coordination within European Monetary Union provides an intellectually stimulating contribution to the ongoing debate.

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The launch of European Monetary Union (EMU) marked the beginning of a new era, and its establishment has proved an impressive success at the technical, legal, and procedural level. After all, EMU has accelerated economic and political integration in the European Union and tied the economies of the Member States closer together. However, the performance of the euro, high unemployment rates, uneven output and investment growth, and the issue of structural reforms that have yet to be tackled have raised questions about the performance of EMU in practice.
There is a general consensus on the justification for economic policy coordination. The existing literature on economic policy coordination, however, seems far from able to provide robust conclusions about how to organize the necessary interaction of institutions and policies. Therefore, there seems to be a case for re-examining the subject under the new framework set by EMU.
The objective of such a reassessment is to enhance the understanding of what type of coordination and what institutional setting for policy coordination can be expected to be most favorable. Challenges forEconomic Policy Coordination within European Monetary Union provides an intellectually stimulating contribution to the ongoing debate.

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The launch of European Monetary Union (EMU) marked the beginning of a new era, and its establishment has proved an impressive success at the technical, legal, and procedural level. After all, EMU has accelerated economic and political integration in the European Union and tied the economies of the Member States closer together. However, the performance of the euro, high unemployment rates, uneven output and investment growth, and the issue of structural reforms that have yet to be tackled have raised questions about the performance of EMU in practice.
There is a general consensus on the justification for economic policy coordination. The existing literature on economic policy coordination, however, seems far from able to provide robust conclusions about how to organize the necessary interaction of institutions and policies. Therefore, there seems to be a case for re-examining the subject under the new framework set by EMU.
The objective of such a reassessment is to enhance the understanding of what type of coordination and what institutional setting for policy coordination can be expected to be most favorable. Challenges forEconomic Policy Coordination within European Monetary Union provides an intellectually stimulating contribution to the ongoing debate.
Content:
Front Matter....Pages i-ix
The Coordination of National Stabilization Policies: Evolution of National Policies and International Institutions....Pages 1-25
International Monetary Policy Coordination....Pages 27-43
Policy Making in an Integrated World: From Surveillance to … ?....Pages 45-63
International Macroeconomic Policy Coordination: Any Lessons for EMU?....Pages 65-90
The Euro and Internal Economic Policy Coordination....Pages 91-104
Can the ECB be Truly Independent? Should It Be?....Pages 105-125
The Stability and Growth Pact: A Delicate Balance or an Albatross?....Pages 127-142
Economic Policy Coordination in the EMU: Implications for the Stability and Growth Pact....Pages 143-167
The Stability Pact and the Interdependence of Monetary and Fiscal Policy Rules....Pages 169-182
Unemployment, Wage Developments and the Economic Policy Mix in Europe....Pages 183-192
Perspectives for Future Economic Policy Coordination within EMU....Pages 193-200
Challenges for International Economic Policy Coordination in EMU....Pages 201-205
Co-ordinating Stability: Some Remarks on the Roles of Monetary and Fiscal Policy under EMU....Pages 207-214
Back Matter....Pages 215-220

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The launch of European Monetary Union (EMU) marked the beginning of a new era, and its establishment has proved an impressive success at the technical, legal, and procedural level. After all, EMU has accelerated economic and political integration in the European Union and tied the economies of the Member States closer together. However, the performance of the euro, high unemployment rates, uneven output and investment growth, and the issue of structural reforms that have yet to be tackled have raised questions about the performance of EMU in practice.
There is a general consensus on the justification for economic policy coordination. The existing literature on economic policy coordination, however, seems far from able to provide robust conclusions about how to organize the necessary interaction of institutions and policies. Therefore, there seems to be a case for re-examining the subject under the new framework set by EMU.
The objective of such a reassessment is to enhance the understanding of what type of coordination and what institutional setting for policy coordination can be expected to be most favorable. Challenges forEconomic Policy Coordination within European Monetary Union provides an intellectually stimulating contribution to the ongoing debate.
Content:
Front Matter....Pages i-ix
The Coordination of National Stabilization Policies: Evolution of National Policies and International Institutions....Pages 1-25
International Monetary Policy Coordination....Pages 27-43
Policy Making in an Integrated World: From Surveillance to … ?....Pages 45-63
International Macroeconomic Policy Coordination: Any Lessons for EMU?....Pages 65-90
The Euro and Internal Economic Policy Coordination....Pages 91-104
Can the ECB be Truly Independent? Should It Be?....Pages 105-125
The Stability and Growth Pact: A Delicate Balance or an Albatross?....Pages 127-142
Economic Policy Coordination in the EMU: Implications for the Stability and Growth Pact....Pages 143-167
The Stability Pact and the Interdependence of Monetary and Fiscal Policy Rules....Pages 169-182
Unemployment, Wage Developments and the Economic Policy Mix in Europe....Pages 183-192
Perspectives for Future Economic Policy Coordination within EMU....Pages 193-200
Challenges for International Economic Policy Coordination in EMU....Pages 201-205
Co-ordinating Stability: Some Remarks on the Roles of Monetary and Fiscal Policy under EMU....Pages 207-214
Back Matter....Pages 215-220
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