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- W4387079387 abstract "Fiscal policy in the euro area has been bound by the Maastricht Treaty criteria. The chapter evaluates what this has meant for the effectiveness of fiscal policy, and observes that it has led to suboptimal investments, has been on average procyclical, and has let monetary policy carry the burden of macroeconomic management. The chapter shows that by construction the Maastricht framework has been one that constrains countries, rather than coordinating them. Moving forward, it can be expected that fiscal policy will have a much more active role to play. NextGenerationEU can serve as a good template for coordinating fiscal policy, at least for the big European public goods, like the climate." @default.
- W4387079387 created "2023-09-28" @default.
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- W4387079387 date "2023-10-12" @default.
- W4387079387 modified "2023-09-28" @default.
- W4387079387 title "Reviving the Case for Policy Coordination in EMU" @default.
- W4387079387 doi "https://doi.org/10.1017/9781009364706.019" @default.
- W4387079387 hasPublicationYear "2023" @default.
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