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- Title
THE EURO: PAST SUCCESSES AND NEW CHALLENGES.
- Authors
Buti, Marco; van den Noord, Paul
- Abstract
The successes of the first decade of European Economic and Monetary Union are impressive, but it is fair to stress these were achieved in a relatively benign economic environment characterised by steady global growth, supportive financial conditions and fiscal windfalls associated with booms in asset markets. Although all this has come to an abrupt end with the financial crisis, there is a silver lining of fiscal stimulus being more effective in EMU than without the single currency, with offsetting exchange rate responses absent, trade multipliers stronger and the fiscal framework credible. But the financial crisis also clearly demonstrated the need for stronger coordination of national policy actions to internalise crossborder spillovers. Meanwhile, the European Commission has a major role to play in striking the right balance between short-term emergency measures and longer-term priorities. Against this backdrop, this article sheds light on the longerrun challenges and the policy agenda for meeting them.
- Subjects
MONETARY unions; EUROPEAN Economic Community; EUROPEAN Union; ECONOMIC indicators; ECONOMIC statistics; ECONOMIC forecasting; INTERNATIONAL finance; INTERNATIONAL trade; INTERNATIONAL economic integration
- Publication
National Institute Economic Review, 2009, Vol 208, p68
- ISSN
0027-9501
- Publication type
Article
- DOI
10.1177/0027950109338652