"The Political Economy of Fiscal Policy in EMU"
(2003) "The Political Economy of Fiscal Policy in EMU". European Political Economy Review 1(1):pp. 005-014.
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Abstract
This paper treats low inflation in EMU as a collective action problem for Ecofin. The SGP and more broadly the BEPG, operating against a background of the ECB and wage-setting, are the instruments for this. The ECB delegates sanctioning to the member-states while preserving the authority to set interest rates. Labour relations systems in different countries pursue disinflationary wage settlements. The BEPG (including the SGP) therefore have to be understood as a critical element in a signalling game between the ECB, Ecofin and the wagesetting systems.
| Item Type: | Journal Article |
|---|---|
| Public Domain: | No |
| Refereed: | Yes |
| Status: | Published |
| Authors, Individual: | Hancke, Bob |
| Editors: | Schwarzer, Daniela and Tulmets, Elsa |
| Title: | "The Political Economy of Fiscal Policy in EMU" |
| Language: | English |
| Publisher: | European Political-economy Infrastructure Consortium (EPIC) |
| Publication: | European Political Economy Review |
| Journals and Series: | Journals > European Political Economy Review |
| Volume: | 1 |
| Number: | 1 |
| Pages: | pp. 005-014 |
| Month: | March |
| Year: | 2003 |
| Subjects: | EU policies and themes > Policies & related activities > economic and financial affairs > fiscal policy EU policies and themes > EU institutions & developments > European Central Bank EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro |
| Keywords: | Stability and Growth Pact (SGP); Broad Economic Policy Guidelines (BEPG); ECOFIN. |
| Alternative Locations: | http://personal.lse.ac.uk/wergin/eper/vol1-no1/hancke.pdf |
| ID Code: | 607 |
| Deposited By: | Galinos Dr, Elias |
| Deposited On: | 30 June 2003 |
