ISSN:
1573-6911
Keywords:
Economic policy coordination
;
EMU
;
Fiscal
;
Policy
;
Monetary Policy
Source:
Springer Online Journal Archives 1860-2000
Topics:
Economics
Notes:
Abstract The theoretical case for international coordination was well established, and presumed settled, in the 1970s. In the mid-1980s, the focus of research shifted to intertemporal aspects of economic interdependence. In the early 1990s, the subject no longer generated as much interest among economists as it might have deserved from an economic policy perspective. With EMU, the topic of coordination has once again found its way onto the political and scientific agenda. In fact, the EMU regime not only raises a number of new and important questions concerning policy coordination, it might also be interpreted as a surrogate for far-reaching forms of policy coordination. At the same time, more ambitious forms of coordination are confronted in any case with coordination constraints imposed by the EMU – regime itself, such as the independence provision of the ESCB and the supreme monetary policy goal of maintaining price stability. Without doubt, economists' and political scientists studies on coordination will not be suited to serve as blueprints of policy coordination for policymakers to follow at summit meetings. But even if the key question - how much relevance the abundant literature on coordination may hold for the “real world” – could not be answered definitely, it – at least – provides useful analytical insights in the structure of coordination problems. And an improved analytical understanding of macroeconomic interaction is a necessary prerequisite for more successful efforts at policy coordination.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1023/A:1007056304742
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