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

H.F.H.V.S. Uhlig

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

H.F.H.V.S. Uhlig

Research Group: Economics

Research output: Working paper › Discussion paper › Other 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 language	English
Place of Publication	Tilburg
Publisher	Macroeconomics
Volume	2002-32
Publication status	Published - 2002

Publication series

Name	CentER Discussion Paper
Volume	2002-32

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 10 Reduced Inequalities
SDG 17 Partnerships for the Goals

Keywords

fiscal policy
EMS
monetary policy
money
financial crisis
regulations
banking

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KW - monetary policy

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KW - financial crisis

KW - regulations

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

Abstract

Publication series

UN SDGs

Keywords

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