Building on widespread criticisms of current EMU institutional arrangements, we sketch a reform proposal for EMU macroeconomic institutions. We advocate the adoption of argets for both monetary and fiscal policies, to be integrated by a system of checks and balances. As for fiscal policy, expenditures, taxation and deficit targets will strengthen the governments commitment and, at the same time, facilitate "well-behaved" stabilisation policies. Turning to monetary policy, inflation targeting,alongside with the assignment of ex-post assessing powers to the Euro12-group and an internal reform of the ECB, will limit undue nationalistic influences within the ECB governing bodies

Lossani, M., Natale, P., Tirelli, P. (2002). A Reform Proposal for EMU Institutions. IFO-STUDIEN, 48(2).

A Reform Proposal for EMU Institutions

NATALE, PIERGIOVANNA;TIRELLI, PATRIZIO
2002

Abstract

Building on widespread criticisms of current EMU institutional arrangements, we sketch a reform proposal for EMU macroeconomic institutions. We advocate the adoption of argets for both monetary and fiscal policies, to be integrated by a system of checks and balances. As for fiscal policy, expenditures, taxation and deficit targets will strengthen the governments commitment and, at the same time, facilitate "well-behaved" stabilisation policies. Turning to monetary policy, inflation targeting,alongside with the assignment of ex-post assessing powers to the Euro12-group and an internal reform of the ECB, will limit undue nationalistic influences within the ECB governing bodies
Articolo in rivista - Articolo scientifico
Central Banks and Their Policies; Fiscal Policy; Financial Aspects of Economic Integration; Monetary Policy; International Policy Coordination and Transmission
English
2002
48
2
none
Lossani, M., Natale, P., Tirelli, P. (2002). A Reform Proposal for EMU Institutions. IFO-STUDIEN, 48(2).
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10281/15967
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