Abstract
In the European Union there is agreement that the establishment of the European Monetary Union is a decisive political and economic achievement. Politically, EMU is a further step in European integration, which could lead to a federal Europe with democratic legitimacy in the long run. Due to EMU, stable exchange rates within the internal market and a framework for a common monetary policy have been established. This could lead to a federalisation of other policy instruments, especially a proper EU budget and elements of a federal fiscal policy.
The author wishes to thank Martin Schürz and John Smithin for numerous discussions on the topic and critical comments on a first version of this paper, as well as the discussants at the macroeconomic policy panel of the symposium. The data were processed with the support of Martha Steiner.
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Marterbauer, M. (2003). The Case for Straightening Out Macroeconomic Policy in the European Union. In: Aiginger, K., Hutschenreiter, G. (eds) Economic Policy Issues for the Next Decade. Springer, Boston, MA. https://doi.org/10.1007/978-1-4757-5046-1_5
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DOI: https://doi.org/10.1007/978-1-4757-5046-1_5
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