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Monetary and Fiscal Policy Co‐operation: Institutions and Procedures in EMU

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  • Lorenzo Bini Smaghi
  • Claudio Casini

Abstract

The article analyses the effect of the move to EMU on the procedures through which co‐operation between authorities in charge of budgetary and monetary policy takes place. The first section examines the situation prior to EMU in the Member States on the basis of a questionnaire concerning the modalities of the formal or informal dialogue between the national central banks (NCBs) and the treasuries. The second section takes into consideration the current situation, based on the experience acquired in the first year of EMU and set against the provisions of the Treaty. The comparison between the two situations suggests that something has been lost in the move to EMU, and that there is scope for further improving the dialogue and co‐operation between budgetary and monetary authorities in EMU. Some suggestions are then proposed in order to bring the current euro‐zone situation closer to the one prevailing in most countries prior to EMU.

Suggested Citation

  • Lorenzo Bini Smaghi & Claudio Casini, 2000. "Monetary and Fiscal Policy Co‐operation: Institutions and Procedures in EMU," Journal of Common Market Studies, Wiley Blackwell, vol. 38(3), pages 375-391, September.
    • Handle: RePEc:bla:jcmkts:v:38:y:2000:i:3:p:375-391
    DOI: 10.1111/1468-5965.00226
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    Cited by:

    1. Alessandro Girardi & Paolo Paesani, 2008. "Structural Reforms and Fiscal Discipline in Europe," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 15(2), pages 389-402, September.
    2. Bas van Aarle & Giovanni Di Bartolomeo & Jacob Engwerda & Joseph Plasmans, 2002. "Monetary and Fiscal Policy Design in the EMU: An Overview," Open Economies Review, Springer, vol. 13(4), pages 321-340, October.
    3. Damir Šehović, 2013. "General Aspects of Monetary and Fiscal Policy Coordination," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 2(3), pages 5-27.
    4. Balogun, Emmanuel Dele, 2008. "An Empirical Test of Trade Gravity Model Criteria for the West African Monetary Zone (WAMZ)," MPRA Paper 7083, University Library of Munich, Germany.
    5. Jürgen von Hagen & Susanne Mundschenk, 2002. "The Functioning of Economic Policy Coordination," Chapters, in: Marco Buti & André Sapir (ed.), EMU and Economic Policy in Europe, chapter 7, Edward Elgar Publishing.
    6. Diessner, Sebastian & Lisi, Giulio, 2019. "Masters of the ‘masters of the universe’? Monetary, fiscal and financial dominance in the Eurozone," LSE Research Online Documents on Economics 100754, London School of Economics and Political Science, LSE Library.
    7. Jorg Bibow, 2002. "The Monetary Policies of the European Central Bank and the Euro's (Mal-)Performance: A stability-oriented assessment," International Review of Applied Economics, Taylor & Francis Journals, vol. 16(1), pages 31-50.
    8. van Aarle, B. & Di Bartolomeo, G. & Engwerda, J.C. & Plasmans, J.E.J., 2001. "Monetary and fiscal policy design in the EMU using a dynamic game approach : An overview," Other publications TiSEM 355822b0-4ad6-4792-b0d6-7, Tilburg University, School of Economics and Management.
    9. Aleksandra Fedajev & Danijela Pantović & Isidora Milošević & Tamara Vesić & Aleksandra Jovanović & Magdalena Radulescu & Maria Cristina Stefan, 2023. "Evaluating the Outcomes of Monetary and Fiscal Policies in the EU in Times of Crisis: A PLS-SEM Approach," Sustainability, MDPI, vol. 15(11), pages 1-14, May.
    10. repec:cbk:journl:v:2:y:2013:i:2:p:5-27 is not listed on IDEAS

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