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Monetary union and fiscal policy discipline

Author: Wyplosz, Charles INSEAD Area: Economics and Political Science Series: Working Paper ; 90/82/EPS Publisher: Fontainebleau : INSEAD, 1990.Language: EnglishDescription: 41 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: The possible emergence of a European Monetary Union raises a number of new and difficult questions. A central concern is the implication for fiscal policy-making. Fiscal policy assumes an increased importance once the monetary policy instrument is lost. The Delors Report has suggested that there may be a bias towards less discipline. This paper, which focuses on the longer run, is a preliminary attempt at sorting out the issues. It considers how both the incentives and the constraints on fiscal policy may be affected. There is no Delors-type clear-cut conclusion emerging. The most obvious conclusion is that Monetary Union will eventually require some degree of fiscal federalism
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The possible emergence of a European Monetary Union raises a number of new and difficult questions. A central concern is the implication for fiscal policy-making. Fiscal policy assumes an increased importance once the monetary policy instrument is lost. The Delors Report has suggested that there may be a bias towards less discipline. This paper, which focuses on the longer run, is a preliminary attempt at sorting out the issues. It considers how both the incentives and the constraints on fiscal policy may be affected. There is no Delors-type clear-cut conclusion emerging. The most obvious conclusion is that Monetary Union will eventually require some degree of fiscal federalism

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