Kiel Working Papers, Kiel Institute for World Economics
No 1174:
Macroeconomic Policy Coordination in Europe an Agnostic View
Joachim Scheide
Abstract: Coordination is a fundamental principle for economic
policy in the EU. There is a consensus that soft coordination (exchange of
information, general guidelines for economic policy) is useful. Whether
stabilization policies should be coordinated is another matter. Against the
background of the Broad Economic Policy Guidelines (BEPG) and the
literature on macro policies it is discussed whether the conditions for
such coordination are met in Europe. Commitments by policymakers are almost
impossible, fiscal policies may not be effective, and negative spillovers
are unlikely. Therefore, the arguments for an ex ante coordination of macro
policies are weak. Nevertheless, economic policies can be successful in
achieving the targets even if they are not coordinated.
Keywords: International policy coordination, stabilization policies; (follow links to similar papers)
JEL-Codes: F42,; E610,; E620; (follow links to similar papers)
31 pages, June 2003
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