Belke, Ansgar; Kamp, Martina - In: Journal of Economic Integration 14 (1999), pp. 572-605
-market institutions. Impacts of different monetary regimes inside and outside EMU on the incentives for labour- market reforms are … EMU leads to a higher degree of reforms than rulebased policy since in the former case reforms reduce both unemployment … and the inflation bias. However, rule-based monetary policy inside EMU limits the bene - fits of reforms to a positive …