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"The Political Economy of Fiscal Policy in EMU"

Hancke, Bob (2003) "The Political Economy of Fiscal Policy in EMU". European Political Economy Review, 1 (1). 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.

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    Item Type: Article
    Uncontrolled Keywords: Stability and Growth Pact (SGP); Broad Economic Policy Guidelines (BEPG); ECOFIN.
    Subjects for non-EU documents: 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
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Journals > European Political Economy Review
    Depositing User: Elias Galinos Dr
    Official EU Document: No
    Language: English
    Date Deposited: 30 Jun 2003
    Page Range: 005-014
    Last Modified: 15 Feb 2011 17:15
    URI: http://aei.pitt.edu/id/eprint/607

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