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The Conduct of Macroeconomic Policies in the Euro Area

In: Report on the State of the European Union

Author

Listed:
  • Jean-Paul Fitoussi
  • Fiorella Kostoris Padoa Schioppa

Abstract

With the adoption of the euro, the formal and material macroeconomic ‘constitution’ of the countries in the European Monetary Union (EMU) has changed considerably. The two major instruments used to regulate the economic cycle — namely, monetary and fiscal policy — were distributed differently among the various economic policy authorities of the EMU, thus creating an unprecedented asymmetry of powers and competences. Indeed, monetary policy is centralized and is left to an independent Central Bank, while fiscal policy remains decentralized and under the responsibility of the national authorities of the member states, though it carries an overall set of common rules.

Suggested Citation

  • Jean-Paul Fitoussi & Fiorella Kostoris Padoa Schioppa, 2005. "The Conduct of Macroeconomic Policies in the Euro Area," Palgrave Macmillan Books, in: Jean-Paul Fitoussi & Fiorella Kostoris Padoa Schioppa (ed.), Report on the State of the European Union, chapter 5, pages 95-138, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-00627-0_5
    DOI: 10.1057/9780230006270_5
    as

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