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EMU and Economic Policy in Europe

The Challenge of the Early Years

9781843761525 Edward Elgar Publishing

Edited by Marco Buti, Director of the Economies of the Member States, European Commission, Brussels, Belgium and André Sapir, Professor of Economics, ECARES, Université Libre de Bruxelles, Belgium

Publication Date: 2003 ISBN: 978 1 84376 152 5 Extent: 512 pp

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Critical Acclaim

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EMU is a completely new policy regime which has significant economic implications and which, it is hoped, will ultimately enhance the role of Europe on the world stage. EMU and Economic Policy in Europe takes stock of the initial experiences of EMU and assesses the challenges which will have to be addressed in the early years of its existence to ensure its long-term objectives are successfully achieved.

Bringing together leading scholars and policymakers, the book considers some of the most pertinent and significant issues surrounding the euro from a variety of different perspectives. These include the behaviour of monetary and fiscal authorities, the implications for policy co-ordination, the impact of the euro on financial markets and the consequences of EU enlargement.

The distinguished array of authors have produced a comprehensive and balanced assessment of the initial economic and policy challenges facing EMU. European policymakers, financial economists and anyone with an interest in the process of European integration will benefit from reading this accomplished book.

Critical Acclaim

‘All the economists who have contributed to this volume are both distinguished scholars and active participants in the policy debate. Over the years, they have greatly helped policymakers, at the national and Union levels, to identify and understand the difficult policy choices involved in the running of EMU. I am grateful for their contribution to the success of the euro.’
– From the foreword by Pedro Solbes

Contributors

Contributors: J. Baras, G. Bertola, T. Boeri, A. Brunila, M. Buti, D. Daco, S. Deroose, B. Eichengreen, A. Fatás, R. Felke, J. Galí, V. Gaspar, F. Ghironi, H. Huizinga, L. Jonung, S. Langedijk, C. Martinez-Mongay, K. Masuch, I. Mihov, S. Mundschenk, K. Pichelmann, H. Pill, J. Pisani-Ferry, R. Portes, A. Sapir, M. Suardi, J. von Hagen

Contents

Contents:

Foreword by Commissioner Pedro Solbes

PART I: OVERVIEW
1. EMU in the Early Years: Differences and Credibility
Marco Buti and André Sapir

PART II: MONETARY POLICY
2. Monetary Policy in the Early Years of EMU
Jordi Galí

3. The ECB’s Monetary Policy Strategy: Responding to the Challenges of the Early Years of EMU
Vítor Gaspar, Klaus Masuch and Huw Pill

4. Monetary Policy Transmission in EMU
Massimo Suardi

PART III: FISCAL POLICY
5. Fiscal Policy and EMU: Challenges of the Early Years
Antonio Fatás and Ilian Mihov

6. Fiscal Policy in the Early Years of EMU
Anne Brunila and Carlos Martinez-Mongay

PART IV: POLICY COORDINATION
7. The Functioning of Economic Policy Coordination
Jürgen von Hagen and Susanne Mundschenk

8. Economic Policy Coordination in EMU: Accomplishments and Challenges
Servaas Deroose and Sven Langedijk

9. The EMU’s Economic Policy Principles: Words and Facts
Jean Pisani-Ferry

PART V: LABOUR MARKETS
10. EMU Labour Markets Two Years On: Microeconomic Tensions and Institutional Evolution
Giuseppe Bertola and Tito Boeri

11. Wage Discipline in EMU. A Feature of the Early Years. Only?
Karl Pichelmann

PART VI: FINANCIAL MARKETS AND THE INTERNATIONAL FINANCIAL SYSTEM
12. EMU and Financial Market Structure
Harry Huizinga

13. The Euro and the International Financial System
Richard Portes

14. The Euro and the International Monetary System
Johan Baras, Reinhard Felke and Daniel Daco

PART VII: THE FUTURE OF EMU
15. EMU and Enlargement
Barry Eichengreen and Fabio Ghironi

16. EMU – The First 10 Years: Challenges to the Sustainability and Price Stability of the Euro Area – What Does History Tell Us?
Lars Jonung

References

Index