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2004 | nr 25 A New All-European Development Model in an Enlarged EU : Social and Economic Aspects | 188--191
Tytuł artykułu

Changing the Rules of Monetary and Fiscal Policy in Europe

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This conference is timely not only because of the entry of ten new member countries into the European union, a week ago, but also because of its clear focus on the prospects for a resumption of economic development under the self-imposed fiscal and monetary rules of the European Union. There was some discussion earlier around the possibilities of choice of'A New All-European Development Model'. Professor Kowalik in particular has urged the need to recognise different models of capitalist development. The difficulty here is that different models have different institutions that individually may work well in a particular setting or combination of institutions. But they may work badly when part of a different combination. The requirement for institutions to support each other's functioning therefore limits to some degree the choice of institutional arrangements. We all support welfare state provision, which contributes to social equity and economic efficiency. But recent history has also shown that such provision breaks down in circumstances of very unequal income distribution and mass unemployment. In such circumstances, the resulting tax burden on those in financially less secure employment tends to subvert social cohesion and social democracy. (original abstract)
  • University of Cambridge, United Kingdom; University of London, United Kingdom
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