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Macroeconomic Policy Coordination and the European Monetary System

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  • Portes, Richard

Abstract

This paper discusses the EMS and proposals to move towards EMU in the context of recent theoretical and empirical work on international policy coordination. It treats two particular themes: asymmetry among EMS countries and its implications for policy coordination; and the coordination required to reach agreed European Community macroeconomic policies. Section 1 examines policy coordination in a fixed exchange rate system. Section 2 discusses policy coordination in the Delors Committee Report, with its emphasis on fiscal policies. Section 3 deals with asymmetry and hegemony, and Section 4 suggests reasons to strengthen "absolute" policy coordination in the EC.

Suggested Citation

  • Portes, Richard, 1989. "Macroeconomic Policy Coordination and the European Monetary System," CEPR Discussion Papers 342, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:342
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    Cited by:

    1. George Alogoskoufis & Richard Portes, 1990. "International Costs and Benefits from EMU," NBER Working Papers 3384, National Bureau of Economic Research, Inc.
    2. Patrick Artus, 1992. "Passage à l'union économique et monétaire en Europe : effets sur la croissance et les politiques budgétaires," Économie et Prévision, Programme National Persée, vol. 106(5), pages 123-137.
    3. Andrew Atkeson & Tamim Bayoumi, 1993. "Do private capital markets insure regional risk? Evidence from the United States and Europe," Open Economies Review, Springer, vol. 4(3), pages 303-324, September.
    4. Carlo Carraro, 1997. "Modelling International Policy Games: Lessons from European Monetary Coordination," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 24(3), pages 163-177, October.
    5. Patricia S. Pollard, 1993. "Macroeconomic policy effects in a monetary union," Working Papers 1993-001, Federal Reserve Bank of St. Louis.

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