By David G. Mayes, Iain Begg, Dermot Hodson, Imelda Maher, Brian Ardy
Monetary and fiscal Union (EMU) involves a basic shift in macroeconomic coverage for engaging member states. Adjusting to EMU examines the layout and supply of financial, monetary and supply-side regulations in the euro zone. It appraises the power of the rising coverage structure to carry a harmonious coverage combine to 12 heterogeneous economies and the reaction of person member states to the restrictions and possibilities created via EMU.
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Extra info for Adjusting to EMU (One Europe or Several?)
The nominal convergence phase proved to be a testing one for many countries, because the obligation to ‘consolidate’ public finances tends to mean a combination of tax increases and public spending cuts that dampen demand. 2). , 2003 for an analysis of this debate). Another major issue is the price level, with marked differences between countries at the start of Stage 3 of EMU. Portugal stands out as having had a much lower price level, but a simple way of calibrating this phenomenon is that countries where GDP measured in terms of purchasing power is higher than GDP measured at current exchange rates have lower price levels and vice versa.
It turns out that monetary policy is itself asymmetric, responding to serious threats of inflation more than proportionately and threats of deflation even more strongly. Monetary policy thus seems to operate in three distinct regimes: threatened deflation, normal times and strong inflationary pressure. This not only helps counter the asymmetry in behaviour but the asymmetries in fiscal policy to which we next turn. 4 we go further and consider the degree to which asymmetry in fiscal policy itself hinders or helps the process of adjustment under EMU.
Ireland’s phenomenal economic growth in recent years has, plainly, marked it out as a success story. Although Ireland’s economy remains strongly linked to that of the UK, potentially exposing it to risks of asymmetric shocks relative to its euro area peers, as a small open economy, it already had to develop appropriate adjustment mechanisms. Chapters 9 and 10 examine Finland and Sweden, neighbouring countries that opted for starkly contrasting approaches to EMU. Both countries experienced severe economic downturns in the early 1990s, but both have also been among the better performers in the EU in recent years.
Adjusting to EMU (One Europe or Several?) by David G. Mayes, Iain Begg, Dermot Hodson, Imelda Maher, Brian Ardy