Year: 2018
Author: van Riet, Ad
Credit and Capital Markets – Kredit und Kapital, Vol. 51 (2018), Iss. 1 : pp. 93–111
Abstract
The Maastricht Treaty clearly separated the domains of the single monetary policy and the national fiscal policies. This article examines what national fiscal policy-makers could do together to more actively support the ECB in maintaining price stability for the eurozone when the monetary policy rate reaches the effective lower bound, while keeping their sovereignty. The appropriate euro area fiscal stance is constrained by the need for member countries to find a balance between their budgetary contribution to macroeconomic stabilisation and requirements for achieving and maintaining fiscal sustainability. Euro area countries could nevertheless strengthen fiscal and structural policy coordination in the Eurogroup and establish a central fiscal capacity subject to common decision-making with the objective to provide for a growth-friendly economic policy mix for the euro area.
Journal Article Details
Publisher Name: Global Science Press
Language: English
DOI: https://doi.org/10.3790/ccm.51.1.93
Credit and Capital Markets – Kredit und Kapital, Vol. 51 (2018), Iss. 1 : pp. 93–111
Published online: 2018-03
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 19
Keywords: new central banking active fiscal policy euro area policy mix Scientific Papers E5 E63 H63 H7
Author Details
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Jahrbücher für Nationalökonomie und Statistik, Vol. 239 (2019), Iss. 5-6 P.797
https://doi.org/10.1515/jbnst-2018-0078 [Citations: 2] -
Monetary Policy Stretched to the Limit: How Could Governments Support the European Central Bank?
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https://doi.org/10.2139/ssrn.2877329 [Citations: 2] -
Neue Segel, alter Kurs?
Das (un)heimliche Zentrum der Macht – Zum Wandel der Europäischen Zentralbank in der Krise
Heinrich, Mathis
2019
https://doi.org/10.1007/978-3-658-25037-9_3 [Citations: 1] -
The European Monetary Union after COVID-19: Towards Fiscal Integration Aligned with Monetary Policy
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SSRN Electronic Journal , Vol. (2020), Iss.
https://doi.org/10.2139/ssrn.3756258 [Citations: 0]
| Section Title | Page | Action | Price |
|---|---|---|---|
| Ad van Riet: The European Central Bank as the Only Game in Town. How Could Fiscal Policy Makers Play Along? | 1 |