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Monetary unions under financial shocks: do fiscal rules matter?

Opened Access Monetary unions under financial shocks: do fiscal rules matter?
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Autor: Díaz Roldán, Carmen
Montero Soler, Alberto
Fecha: 2013
Publicado en: XX Encuentro de Economía Pública, 2013, SevillaEstado del bienestar: sostenibilidad y reformas
ISBN/ISSN: 978-84-695-6945-0
Tipo de documento: Ponencia
Resumen: The recent problems generated by the economic and financial crisis have led to some debate on the role of economic policies. The question is to which extent a specific monetary policy regime would impose a restriction to policymakers. In particular, the cost of losing independence in the use of the exchange rate and monetary policy, and the restrictions derived from the fiscal discipline required for supporting monetary agreements. As an example we can think on the expected success of the European Economic and Monetary Union (EMU), related to the benefits of the single currency, the higher degree of integration of financial markets, and also to the sound public finances guaranteed by the set of fiscal rules provided by EMU. When signing the Stability and Growth Pact (SGP), Member States committed themselves to reach a medium-term budgetary position close to balance. The Maastricht Treaty stresses as basic that the Member States of the EMU should avoid excessive deficits, and the refer...
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