By David G. Mayes, Iain Begg, Dermot Hodson, Imelda Maher, Brian Ardy
Financial and fiscal Union (EMU) involves a primary shift in macroeconomic coverage for partaking member states. Adjusting to EMU examines the layout and supply of financial, economic and supply-side regulations in the euro region. It appraises the facility 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 by means of EMU.
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Additional info for Adjusting to EMU (One Europe or Several?)
Such agreements to co-operate are entered into because they tend to increase the economic welfare of the system as a whole not only through avoiding adverse spillovers but also from the lower costs of larger scale and stability. Although this chapter focuses on the pressures that just one such agreement, namely Stage 3 of EMU, poses on macroeconomic policy, the nature of the pressures depend on all the other issues we have listed. Some of those constraints are themselves alterable but rarely costlessly.
Here our research has been limited to a simple four-equation model that shows differences across countries in their responsiveness both in terms of size and speed in respect of growth, inflation, unemployment and fiscal policy. However, our focus has been not just on differences across countries but also differences across the economic cycle. Hence if economies are out of phase with each other they will be even more different in their behaviour than if they are in the same general circumstances.
Their economic structures in terms of resources, industries and institutions 2. Their policy preferences and cultures 3. How economic agents and economies respond to any given economic measures. Thus not only may states or regions want to act differently at any given time, but they would be sensible to do so given that they are hit by different shocks, respond differently and have a different balance of objectives. The third ‘difficulty’ is that despite the need for flexible and different responses in different states, the EU has chosen to try to achieve these 28 Adjustment at the EU Level objectives through a number of common policies that limit variation across the Member States.
Adjusting to EMU (One Europe or Several?) by David G. Mayes, Iain Begg, Dermot Hodson, Imelda Maher, Brian Ardy