One Money, But Many Fiscal Policies in Europe: What are the Consequences?

H.F.H.V.S. Uhlig

Research output: Working paperDiscussion paperOther research output

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Abstract

This paper outlines some issues regarding the interaction of independent fiscal authorities and one central bank in the European monetary union.It points out the possibilities for coordination failures,ranging everywhere from potentially excessive deficits and free-riding problems to coordination failures in a European fiscal or banking crises.As policy conclusions, some suggestions for institutional improvements are made.In particular, the Growth and Stability Pact needs strengthening rather than weakening.Furthermore, a solution for EMU-wide banking regulation needs to be found.
Original languageEnglish
Place of PublicationTilburg
PublisherMacroeconomics
Volume2002-32
Publication statusPublished - 2002

Publication series

NameCentER Discussion Paper
Volume2002-32

Fingerprint

Fiscal
Fiscal policy
Coordination failure
Stability and Growth Pact
Authority
Central bank
Banking crisis
Banking regulation
European Monetary Union
Free-riding
Interaction

Keywords

  • fiscal policy
  • EMS
  • monetary policy
  • money
  • financial crisis
  • regulations
  • banking

Cite this

Uhlig, H. F. H. V. S. (2002). One Money, But Many Fiscal Policies in Europe: What are the Consequences? (CentER Discussion Paper; Vol. 2002-32). Tilburg: Macroeconomics.
Uhlig, H.F.H.V.S. / One Money, But Many Fiscal Policies in Europe : What are the Consequences?. Tilburg : Macroeconomics, 2002. (CentER Discussion Paper).
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Uhlig, HFHVS 2002 'One Money, But Many Fiscal Policies in Europe: What are the Consequences?' CentER Discussion Paper, vol. 2002-32, Macroeconomics, Tilburg.

One Money, But Many Fiscal Policies in Europe : What are the Consequences? / Uhlig, H.F.H.V.S.

Tilburg : Macroeconomics, 2002. (CentER Discussion Paper; Vol. 2002-32).

Research output: Working paperDiscussion paperOther research output

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Uhlig HFHVS. One Money, But Many Fiscal Policies in Europe: What are the Consequences? Tilburg: Macroeconomics. 2002. (CentER Discussion Paper).