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
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
