Warianty tytułu
Stability Mechanisms of Economic and Monetary Union: Past, Present and Future
Języki publikacji
Abstrakty
Przybliżono mechanizmy stabilizujące unię gospodarczą i walutową oraz kryteria konwergencji prawnej i ekonomicznej. Omówiono reguły dyscypliny finansów publicznych i koordynacji polityki gospodarczej.
There are three basic mechanisms that are meant to provide fundamental stability to Economic and Monetary Union in Europe (EMU): - legal and economic convergence criteria, which are prerequisites for the participation of any EU country in the single monetary policy of the third stage of EMU (associated with the adoption of the euro),
- EC Treaty provisions safeguarding minimum discipline in public finance, including those dissuading EU member states from "monetarising" their public deficits,
- EC Treaty provisions ensuring coordination of economic policies among EU member states. All these stabilising mechanisms have proven to be quite a stable element of the EC acquis. They are also part of a major practical and theoretical tradition in Europe, which even draws from the classical school of economics (e.g., Ricardo). At present, all the stability mechanisms of the EMU are open to serious debate. All of them, with the exception of the legal convergence criteria, have recently been reviewed. The culmination of these reviews was the European Council summit in March 2005, where member states expressed their desire to amend the Stability and Growth Pact (SGP) in order to give it more flexibility. However, the proposed changes are not meant to alter the stability mechanisms themselves. They rather seem to reflect experience with the SGP under existing business cycle trends in the EU and to address the EU's increased economic divergence resulting from enlargement in 2004. The March 2005 European Council proposals addressed to the Commission are, in the author's view, of a general nature and intended to be further interpreted by the Commission. As a result, they give the Commission enough room for manoeuvre to formulate a proposal that could balance experience with the SGP and the need for its increased flexibility with the general interest in preserving the sustainability of the EMU. (original abstract)
- EC Treaty provisions safeguarding minimum discipline in public finance, including those dissuading EU member states from "monetarising" their public deficits,
- EC Treaty provisions ensuring coordination of economic policies among EU member states. All these stabilising mechanisms have proven to be quite a stable element of the EC acquis. They are also part of a major practical and theoretical tradition in Europe, which even draws from the classical school of economics (e.g., Ricardo). At present, all the stability mechanisms of the EMU are open to serious debate. All of them, with the exception of the legal convergence criteria, have recently been reviewed. The culmination of these reviews was the European Council summit in March 2005, where member states expressed their desire to amend the Stability and Growth Pact (SGP) in order to give it more flexibility. However, the proposed changes are not meant to alter the stability mechanisms themselves. They rather seem to reflect experience with the SGP under existing business cycle trends in the EU and to address the EU's increased economic divergence resulting from enlargement in 2004. The March 2005 European Council proposals addressed to the Commission are, in the author's view, of a general nature and intended to be further interpreted by the Commission. As a result, they give the Commission enough room for manoeuvre to formulate a proposal that could balance experience with the SGP and the need for its increased flexibility with the general interest in preserving the sustainability of the EMU. (original abstract)
Rocznik
Numer
Strony
5-13
Opis fizyczny
Twórcy
autor
Bibliografia
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- Ricardo D., Zasady ekonomii politycznej i opodatkowania, PWE, Warszawa 1957.
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
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