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Fiscal Policy Coordination and the Stability and Growth Pact

In: Monetary Integration in Europe

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  • Horst Tomann

Abstract

In evaluating monetary policy we have already learned that its performance depends on how it is coordinated with other areas of economic policy. We now address this coordination issue from another angle. A single monetary policy for a group of nations with divergent economic performance raises particularly the question of how to coordinate fiscal policies. Since there is no single fiscal policy for the euro area, what guidelines are required for national fiscal policies to achieve coordination with the monetary policy of the Eurosystem? To answer this question we have to clarify to what extent these guidelines can prescribe a common fiscal policy and to what extent they have to leave room for national authorities to tackle country-specific shocks. So, the establishment of a monetary union in Europe has created a new ‘assignment problem’, that is to say the roles assigned to the institutions of economic and monetary policy have to be re-defined.

Suggested Citation

  • Horst Tomann, 2007. "Fiscal Policy Coordination and the Stability and Growth Pact," Studies in Economic Transition, in: Monetary Integration in Europe, chapter 0, pages 75-91, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-0-230-28862-1_5
    DOI: 10.1057/9780230288621_5
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