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Fiscal Policy, Labour Markets and the Difficulties of Inter-Country Adjustment within EMU

In: The Travails of the Eurozone

Author

Listed:
  • Christopher Allsopp
  • David Vines

Abstract

This chapter examines the macroeconomic performance of the euro area. It is widely agreed that this performance has been poor; low growth and poor productivity performance have been combined with high and rising unemployment and, especially in the ‘core’ countries, with budget deficits and increasing government debt. This poor performance on the real side has not, however, been matched by undershooting on inflation. It thus appears that the ‘trade-off between growth and inflationary pressure has become highly adverse within the euro area. The Lisbon ‘agenda’ of reforms to the European macro-economy — which was intended to improve the potential for non-inflationary growth — appears to be in tatters.

Suggested Citation

  • Christopher Allsopp & David Vines, 2007. "Fiscal Policy, Labour Markets and the Difficulties of Inter-Country Adjustment within EMU," Palgrave Macmillan Books, in: David Cobham (ed.), The Travails of the Eurozone, chapter 5, pages 95-122, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-80147-9_5
    DOI: 10.1057/9780230801479_5
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    Cited by:

    1. Karlygash Kuralbayeva, 2007. "Inflation persistence: Implications for a design of monetary policy in a small open economy subject to external shocks," CEIS Research Paper 93, Tor Vergata University, CEIS.

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