Fiscal Aspects of European Monetary Integration

A survey of fiscal policy under the restrictions of a single monetary policy and the Stability Pact.

This collection provided the first comprehensive survey of fiscal policy under the restrictions of a single monetary policy and the Stability Pact. It will be of interest to policy makers, researchers and graduate students in disciplines including economics of European integration, international economics, financial economics, macroeconomics, and politics.Monetary union in Europe started in 1999. This book contains eleven papers and three review essays, which analyse a spectrum of empirical, theoretical, institutional and political aspects of the design and impact of fiscal policy in EMU. The contributors are some of the most experienced analysts in the field. Topics covered include the need for and consequences of fiscal coordination, constraints on national deficits and debt levels (the Stability Pact), and the role of fiscal federalism and insurance. The importance of coordinating fiscal and monetary policies is also considered in depth. This book will be of value to anyone with an interest in EMU and the development of European fiscal policy.