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).
Citazione: | Lossani, M., Natale, P., & Tirelli, P. (2002). A Reform Proposal for EMU Institutions. IFO-STUDIEN, 48(2). | |
Tipo: | Articolo in rivista - Articolo scientifico | |
Carattere della pubblicazione: | Scientifica | |
Titolo: | A Reform Proposal for EMU Institutions | |
Autori: | Lossani, M; Natale, P; Tirelli, P | |
Autori: | ||
Data di pubblicazione: | 2002 | |
Lingua: | English | |
Rivista: | IFO-STUDIEN | |
Appare nelle tipologie: | 01 - Articolo su rivista |