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

ISBN-10: 0230554741

ISBN-13: 9780230554740

ISBN-10: 033399566X

ISBN-13: 9780333995662

Monetary and financial Union (EMU) includes a primary shift in macroeconomic coverage for partaking member states. Adjusting to EMU examines the layout and supply of financial, monetary and supply-side guidelines in the euro quarter. 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 restrictions and possibilities created via EMU.

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Sample text

The somewhat divergent experience of the Netherlands is noticeable, reflected perhaps in its somewhat different approach to employment and social policy (Muffels and Fouarge, 2001). However, these characteristics tell us a combination of stories about differences in performance and constraints. Equally important is their apparent responsiveness to shocks, which can only be judged from models of the respective economies. These in turn cannot be estimated satisfactorily on such short runs of data and will be even further from giving a picture of the extent of their likely convergence in the future.

The inference to draw is that, other than the political costs for a Member State of being named and shamed, surveillance has no teeth when it comes to preventing the emergence of an excessive deficit. Hence it is only when an excessive deficit actually arises that the Member State will face formal disciplinary procedures and even then the first stages are warnings. It could be argued that, especially for a variable as volatile as the fiscal deficit, the timetable for action is too slow to assure fiscal discipline.

It is difficult to ascribe any job creation to the EES itself after seven years but the procedures of the EES have had some impact on policy formation. The operation of the EES has encouraged the adoption of best (or, at least, better) practice, improving the quality of employment policy in particular. But, just as there has been a failure to articulate how a coherent policy-mix is to be achieved as between fiscal and monetary policy, so too it is unclear how the EES fits with overall policy co-ordination.

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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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