The Fiscal Stabilization Policy under EMU - An Empirical Assessment
The focus of this paper is the empirical address of some questions linked with the launch of the European Monetary Union (EMU) and its macroeconomic stability implications for three members ( France, Germany and Italy )and one possible future member (United Kingdom). First, it is assessed the degree of symmetry of the shocks that characterized the above European economies in the recent past. Second, for the above mentioned countries, there are measured the likely macroeconomic stability effects, implied by the shift from monetary and exchange rate national policies prior to EMU to the common monetary policy conducted by ECB. Third, for France, Germany, Italy and UK it is assessed the potential stabilization role of the fiscal national policies. Finally, there are measured the effects of the Stability and Growth Pact (SGP) criteria on the fiscal national policy stabilization role.
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