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Economic and Monetary Union in Europe and Constraintson National Budgetary Policies

This paper reviews the pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an Economic and Monetary Union (EMU) in Europe. The issue is approached from three angles: the influence of EMU on (i) budget discipline; (ii) intergenerational equity and...

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Bibliographic Details
Corporate Author: International Monetary Fund
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1990
Series:IMF Working Papers
Subjects:
Deflation
Budgeting
Monetary Unions
Exports And Imports
National Government Expenditures And Related Policies: General
Sovereign Debt
Inflation
National Budget
Financial Aspects Of Economic Integration
Economic Integration
Prices
Government Debt Management
Public Finance
Public Financial Management (pfm)
Public Finance & Taxation
Debt
Price Stabilization
Budget
Macroeconomics
Public Debt
Government Policy
Debt Management
Budget Systems
Price Level
Budget Planning And Preparation
Expenditure
Expenditures, Public
Debts, Public
International Economics
Budgeting & Financial Management
United States
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper reviews the pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an Economic and Monetary Union (EMU) in Europe. The issue is approached from three angles: the influence of EMU on (i) budget discipline; (ii) intergenerational equity and intertemporal efficiency; and (iii) macroeconomic stabilization. The desirability of constraints on budgetary policy is related to the arrangements for EMU-wide monetary policy, the credibility of a no-bailout clause among member states, and progress in the area of supply-side policies
Physical Description:24 pages
ISBN:9781451965278

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