Economic Policy Coordination in the European Union
- 1 January 2003
- journal article
- Published by Cambridge University Press (CUP) in National Institute Economic Review
- Vol. 183 (1) , 66-77
- https://doi.org/10.1177/0027950103183001462
Abstract
There are differing views about the need for economic policy coordination in the EU and about the adequacy of the system that has evolved under EMU. This article examines the case for such policy coordination, then describes and assesses the current arrangements for both ‘hard’ coordination - epitomised by the much-maligned Stability and Growth Pact (SGP) - and the ‘soft’ forms of coordination that have evolved in the EU to complement formal rules. Although the system achieves more than is sometimes recognised, it is shown to have weaknesses. Options for reforming the SGP and other facets of the system are discussedKeywords
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