Fiscal Aspects of European Monetary

The design and operation of fiscal policy is the major unresolved issue in the new monetary union in Europe. This collection provides the first comprehensive survey of fiscal policy under the restrictions of a single monetary policy and the Stability Pact. Presenting original theoretical and empirical research by leading experts in an accessible style, it will be vital reading for policy makers, researchers and graduate students in disciplines including economics of European integration, international economics, financial economics, macroeconomics, and politics.

Fiscal aspects of European monetary integration: an introduction
Institutions and Political Economy
Institutions and fiscal policy in EMU
A political economy analysis of the Maastricht and Stability Pact fiscal criteria
Automatic Stabilizers in a Monetary Union
Budgetary norms and EMU
Regional adjustment and the welfare economics of monetary unification: what are the benefits of exchange rate flexibility and fiscal insurance?
Nominal stability, real convergence, and fiscal transfers in a monetary union Svend
Discussion: Automatic Stabilizers and Fiscal Transfers
The Stability and Growth: Pact
The Stability Pact: Trading-off Flexibility for Credibility?
The stability and growth pact in a model with politically-induced deficit biases
Implications of the Growth and Stability Pact: why the growth element is important
Discussion: the Stability Pact and Fiscal Policy
Asymmetric Business Cycles and Fiscal Linkages in Europe
Costs of EMU and economic convergence
Fiscal consolidation in Europe: some empirical issues
Could the ins hurt the outs? A welfare analysis of International Financial Fiscal Links
Discussion: insiders and outsiders in EMU
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Fiscal Aspects of European Monetary Integration

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