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Die Stabilitätsprogramme der EU: Anspruch und Wirklichkeit in den ersten vier Jahren der Europäischen Währungsunion

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  • Sell, Friedrich L.

Abstract

In diesem Beitrag resümieren wir zunächst die Erfahrungen, welche die EU-Kommission in den letzten vier Jahren mit der Finanzpolitik der EU-Mitgliedsstaaten gesammelt hat. Diese betreffen sowohl die Defizitobergrenze des Stabilitätspakts als auch die jährlich vorzulegenden "Stabilitätsprogramme". Es wird gezeigt, daß die Erreichung der Ziele im Rahmen der Stabilitätsprogramme einen neuen "Policy Mix" in der Euro-Zone organisieren hilft und zugleich das berühmte "Zuordnungsproblem adäquat löst. Das gilt sowohl im Rahmen einer traditionellen Analyse (Mundell-Johnson) als auch im Rahmen einer modernen Analyse unter Verwendung spieltheoretischer Methoden. Eine nachhaltige Rückführung der nationalen strukturellen Defizite verstärkt die Wirksamkeit der automatischen Stabilisatoren der Finanzpolitik gerade im Konjunkturabschwung und verbessert zugleich die Möglichkeiten für die EZB, ihr Ziel der Preisniveaustabilität zu erreichen.

Suggested Citation

  • Sell, Friedrich L., 2003. "Die Stabilitätsprogramme der EU: Anspruch und Wirklichkeit in den ersten vier Jahren der Europäischen Währungsunion," Working Papers in Economics 2003,2, Bundeswehr University Munich, Economic Research Group.
    • Handle: RePEc:zbw:ubwwpe:20032
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    More about this item

    Keywords

    Europäische Währungsunion; Policy Mix; Stabilitäts- und Wachstumspakt; Zuordnungsproblem;
    All these keywords.

    JEL classification:

    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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