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the cost of deficiencies in euro area economic policy coordination

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Abstract

The crisis highlighted the deficiencies of the European Economic and Monetary Union, particularly the absence of a collective fiscal and structural strategy. This type of strategy, based on appropriate structural reforms and better use of fiscal leeway, could have boosted euro area growth for the 2011-2013 period by two to three percentage points of GDP.

Suggested Citation

  • ., 2017. "the cost of deficiencies in euro area economic policy coordination," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 46, pages 19-30, Summer.
    • Handle: RePEc:bfr:quarte:2017:46:02
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    File URL: https://publications.banque-france.fr/sites/default/files/medias/documents/qsa46_summer-2017_web.pdf#page=19
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    More about this item

    Keywords

    economic policy coordination; European policy mix; fiscal consolidation costs; structural reform gains;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

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