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The Assessment: Macroeconomic Policy after EMU.

Abstract:

In this paper we discuss the emergence of the new European macroeconomic structure within EMU. We focus on three important elements: the wage-fixing authorities in each country, the fiscal authorities in each country, and the single European Central Bank (ECB). We identify serious problems which might arise in coordinating both the wage-setters and the fiscal authorities, and argue that these problems could be exacerbated if the ECB conducts monetary policy inappropriately. In the light of th...

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Journal:
Oxford Review of Economic Policy
Volume:
14
Publication date:
1998-01-01
URN:
uuid:b959faa5-14fa-4375-b2b2-dc1b80da4795
Local pid:
oai:economics.ouls.ox.ac.uk:11273
Language:
English

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