Monetary and Fiscal Policies in EMU

Europe’s Economic and Monetary Union (EMU) is unlike any other case of monetary unification in history. Here, sovereign countries retain a large degree of fiscal autonomy while monetary policy is centralised and entrusted to an independent central bank - the European Central Bank - with a clear mandate to preserve price stability. By bringing together leading scholars and policy makers this comprehensive book examines and reviews the challenges that are facing economic policies in the EMU today. Blending theoretical and policy analyses, the chapters explore and examine the co-ordination of macroeconomic policies to EMU’s fiscal policy rules in view of EU enlargement; the interplay between supply side reforms and stabilisation policy; the empirics of monetary and fiscal behaviour; policy making under uncertainty and the international dimension of policy spillovers. This fascinating book contributes to a deeper understanding of policy interactions in EMU, opening up new avenues for economic research and policy analysis.

Spis treści:
1. Interactions and coordination between monetary and fiscal policies in EMU, what are the issues? Marco Buti
Part I. EMUs Fiscal and Monetary Rules, An Appraisal
2. One money, but many fiscal policies in Europe, what are the consequences? Harald Uhlig
3. The compatibility between monetary and fiscal policies in EMU Simon Wren-Lewis
4. Reforming EMUs fiscal policy rules Willem H. Buiter and Clemens Grafe
Part II. Policy Making in EMU
5. Monetary-fiscal interactions in an uncertain world, lessons for European policymakers Philip R. Lane
6. Macroeconomic policy and structural reform, a conflict between stabilisation and flexibility? Marco Buti, Carlos Martinez-Mongay, Khalid Sekkat and Paul van den Noord
Part III. Monetary and Fiscal Policy Behaviour
7. How do European monetary and fiscal authorities behave? Carlo A. Favero
8. Has EMU shifted monetary and fiscal policies? Fernando Ballabriga and Carlos Martinez-Mongay
Part IV. International Policy Spillovers
9. New views on the transatlantic transmission of fiscal policy and macroeconomic policy coordination Matthew B. Canzoneri, Robert E. Cumby and Behzad Diba.