It is widely recognised that fiscal policy will have greater responsibilities for cyclical stabilisation in the EMU …, given the loss of the monetary instrument at national level. At the same time, the EMU's budgetary framework emphasises the … stabilisation. Looking ahead, one of the challenges facing policy-makers will be how to design tax and welfare reforms which, while …

Under numerical fiscal rules, such as those underpinning EMU, governments have strong temptations to use accounting … credibility of EMU's fiscal rules. If properly implemented, the reformed Pact, which stresses durable adjustment and long …

experience of the initial years of EMU lends support to this criticism. Overall, unlike the experience in the run-up to EMU …

retrenchment efforts in European Union countries in the run-up to economic and monetary union (EMU). The experience of the … remains to be seen whether the stability and growth pact - which aims to lock EMU members into a permanent fiscal discipline …

government only pursues cyclical stabilisation these biases disappear and there are positive gains from coordinating the policy …

It is largely recognised that fiscal policy will have larger responsibilities for cyclical stabilisation in EMU given … the loss of the monetary instrument. At the same time, the EMU's budgetary framework emphasises the need to rely on … stabilisation. As to the future, a challenge for policy-makers is how to design tax and welfare reforms which, while improving …