Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/3024 
Year of Publication: 
2003
Series/Report no.: 
Kiel Working Paper No. 1174
Publisher: 
Kiel Institute for World Economics (IfW), Kiel
Abstract: 
Coordination is a fundamental principle for economic policy in the EU. There is a consensus that soft coordination (exchange of information, general guidelines for economic policy) is useful. Whether stabilization policies should be coordinated is another matter. Against the background of the Broad Economic Policy Guidelines (BEPG) and the literature on macro policies it is discussed whether the conditions for such coordination are met in Europe. Commitments by policymakers are almost impossible, fiscal policies may not be effective, and negative spillovers are unlikely. Therefore, the arguments for an ex ante coordination of macro policies are weak. Nevertheless, economic policies can be successful in achieving the targets even if they are not coordinated.
Subjects: 
Stabilization policies
International policy coordination
JEL: 
E61
F42
E62
Document Type: 
Working Paper

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