Warianty tytułu
Stability Mechanisms of Economic and Monetary Union: Past, Present and Future
Języki publikacji
Abstrakty
Przybliżono mechanizmy stabilizujące unię gospodarczą i walutową oraz kryteria konwergencji prawnej i ekonomicznej. Omówiono reguły dyscypliny finansów publicznych i koordynacji polityki gospodarczej.
There are three basic mechanisms that are meant to provide fundamental stability to Economic and Monetary Union in Europe (EMU): - legal and economic convergence criteria, which are prerequisites for the participation of any EU country in the single monetary policy of the third stage of EMU (associated with the adoption of the euro),
- EC Treaty provisions safeguarding minimum discipline in public finance, including those dissuading EU member states from "monetarising" their public deficits,
- EC Treaty provisions ensuring coordination of economic policies among EU member states. All these stabilising mechanisms have proven to be quite a stable element of the EC acquis. They are also part of a major practical and theoretical tradition in Europe, which even draws from the classical school of economics (e.g., Ricardo). At present, all the stability mechanisms of the EMU are open to serious debate. All of them, with the exception of the legal convergence criteria, have recently been reviewed. The culmination of these reviews was the European Council summit in March 2005, where member states expressed their desire to amend the Stability and Growth Pact (SGP) in order to give it more flexibility. However, the proposed changes are not meant to alter the stability mechanisms themselves. They rather seem to reflect experience with the SGP under existing business cycle trends in the EU and to address the EU's increased economic divergence resulting from enlargement in 2004. The March 2005 European Council proposals addressed to the Commission are, in the author's view, of a general nature and intended to be further interpreted by the Commission. As a result, they give the Commission enough room for manoeuvre to formulate a proposal that could balance experience with the SGP and the need for its increased flexibility with the general interest in preserving the sustainability of the EMU. (original abstract)
- EC Treaty provisions safeguarding minimum discipline in public finance, including those dissuading EU member states from "monetarising" their public deficits,
- EC Treaty provisions ensuring coordination of economic policies among EU member states. All these stabilising mechanisms have proven to be quite a stable element of the EC acquis. They are also part of a major practical and theoretical tradition in Europe, which even draws from the classical school of economics (e.g., Ricardo). At present, all the stability mechanisms of the EMU are open to serious debate. All of them, with the exception of the legal convergence criteria, have recently been reviewed. The culmination of these reviews was the European Council summit in March 2005, where member states expressed their desire to amend the Stability and Growth Pact (SGP) in order to give it more flexibility. However, the proposed changes are not meant to alter the stability mechanisms themselves. They rather seem to reflect experience with the SGP under existing business cycle trends in the EU and to address the EU's increased economic divergence resulting from enlargement in 2004. The March 2005 European Council proposals addressed to the Commission are, in the author's view, of a general nature and intended to be further interpreted by the Commission. As a result, they give the Commission enough room for manoeuvre to formulate a proposal that could balance experience with the SGP and the need for its increased flexibility with the general interest in preserving the sustainability of the EMU. (original abstract)
Rocznik
Numer
Strony
5--13
Opis fizyczny
Twórcy
autor
Bibliografia
- Amtenbrink F., The Democratic Accountability of Central Banks: A Comparative Study of the European Central Bank, Hart Publishing, Oxford 1999.
- Eichengreen B., Epilogue: Inconsistent Quartets [w:] tegoż, European Monetary Unification: Theory, Practice, and Analysis, The MIT Press, Cambridge 1997.
- Eichengreen B., European Monetary Unification: Theory, Practice, and Analysis, The MIT Press, Cambridge 1997.
- Flandreau M., The Bank, the States, and the Market: An Austro-Hungarian Tale for Euro-land, 1867-1914 [w:] Monetary Unions: Theory, History, Public Choice, F.H. Capie, G.E. Wood (eds.), Routledge, London 2003.
- Friedman M., The Optimum Quantity of Money and Other Essays, University of Chicago Press, Chicago 1969.
- Gros D., Thygesen N., European Monetary Integration: From the European Monetary System to Economic and Monetary Union, Longman, Harlovv 1998.
- Komlos J., The Austro-Hungarian Empire as a Custom Union: Economic Development in Austria-Hungary in the 19th Century, Princeton University Press, Princeton 1983.
- Korkman S., Fiscal Policy Coordination in EMU: Should It Go Beyond the SGP? [w:] The Stability and Growth Pact: The Architecture of Fiscal Policy in EMU, A. Brunila, M. Buti, D. Franco (eds.), Palgrave, Basingstoke 2001.
- Mundell R.A., Monetary Theory, Goodyear, Pacific Palisades 1971.
- Nowak-Far A., Granice niezależności banku centralnego w Unii Europejskiej [w] Wzrost gospodarczy i rozwój społeczny jako paradygmaty współczesności, red. J. Osiński, Szkoła Główna Handlowa, Warszawa 2003.
- Nowak-Far A., Unia gospodarcza i pieniężna [w:] Zmiany w dziedzinie rynku wewnętrznego i polityk sektorowych, red. J. Barcz, Prawo i Praktyka Gospodarcza, Warszawa 2005.
- Nowak-Far A., Unia Gospodarcza i Walutowa w Europie, C.H. Beck, Warszawa 2001.
- Ricardo D., Zasady ekonomii politycznej i opodatkowania, PWE, Warszawa 1957.
- Stern K., Die Notenbank im Staatsgefüge [w:] Deutsche Bundesbank (Hgs.), Fünfzig Jahre Deutsche Mark: Notenbank und Währung in Deutschland seit 1948, C.H. Beck, München 1998.
- Triff in R., Europe and the Money Muddle: From Bilateralism to Near-Convertibility 1947-1956, Yale University Press, New Haven 1957.
- Wojtyna A., Szkice o niezależności banku centralnego, Wydawnictwo Naukowe PWN, Warszawa-Kraków 1998.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000140208295
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.