Cooperative Monetary and Fiscal Policies in the Euro Area

Semmler, Willi; Haider, Alexander

doi:10.1002/soej.12296

Cited by 4 publications

(4 citation statements)

References 39 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…There were failures of fiscal consolidations since 2007/9. This has been recognized by official representatives of the IMF since 2013 (see Leigh, 2013 andHaider, 2018) for the perils of fiscal austerity during recessions. Important in this context are the new studies on the regime dependent multiplier.…”

Section: Fiscal Policy Failuresmentioning

confidence: 94%

“…There was a delay in monetary policy, which came too little and too late. Moreover, consolidating budget policies were not helpful as discretionary policies against the financial and real downswings, see Semmler and Haider (2018).…”

Section: Building a Fiscal Capacity For The Eurozonementioning

confidence: 99%

“…In the United States, the monetary policy of the FED provides help for the fiscal stabilization measures for the states in times of crisis, which would be very difficult to achieve in the Eurozone. The monetary and fiscal policy interaction in the EU is a much more difficult task, see Semmler and Haider (2018).…”

Section: Second Best Solutionmentioning

confidence: 99%

See 2 more Smart Citations

European economic, fiscal, and social policy at the crossroads

2020

Self Cite

View full text Add to dashboard Cite

In the last decade or more, the European Union has faced a number of challenges, such as the divergence of per capita income after the global financial crisis and the ensuing great recession of 2007-9, the sovereign debt crisis of 2010-12, banking failures, and the creation of an incomplete banking union, a long period of a "near-debt deflation," divisive euro-wide reactions to the immigration crisis (2015/6), the challenges to enact proper policies against climate change, the divergent political trends since the great recession of 2007/9, and now the Covid-19 pandemic-driven recession and its long-run economic and health impacts. Already before and after the great recession many plans for reforms, institutions, and policies were suggested to overcome and manage those challenges. We will focus on plans to reform the fiscal architecture of the EMU, but we will also argue that the chosen institutional arrangements will have a significant impact on a sustainable Social Europe. Yet, how a sustainable Social Europe will arise depends also on how the pandemic recession will be managed on a Euro-wide level. Some of the aspects discussed here are echoed by political parties having competed with European platforms for the European election. Fiscal governance reform, Social Europe, climate concerns, and immigration issues have been essential core parts of most political party platforms. We will discuss and evaluate recent proposals, in particular, on fiscal reforms as well as some aspects of new pillars for a Social Europe. We will try to assess which of these comes closer to attaining the triple objective of (a) helping to dampen cyclical divergence, (b) providing fiscal and social buffers, and (c) avoiding national self-interests and promoting joint European goals. Designing a proper monetary, fiscal and social policy may provide the opportunity for a sustainable EU recovery from the current pandemic-driven downturn. Yet the challenges and road blocks are still numerous. 2 MAJOR RECENT CHALLENGES If one thinks about the major structural fiscal challenges facing the EU that need to be managed through policy responses or reforms a major one is fiscal reform. The EU is a monetary union, but not a fiscal and (complete) banking

show abstract

Section: Fiscal Policy Failuresmentioning

confidence: 94%

Section: Building a Fiscal Capacity For The Eurozonementioning

confidence: 99%

See 1 more Smart Citation

European economic, fiscal, and social policy at the crossroads

2020

Self Cite

View full text Add to dashboard Cite

show abstract

“…Celem długofalowym wszystkich składowych policy mix jest budowanie stabilności makroekonomicznej (cenowej, finansowej i budżetowej), które łącznie warunkują rozwój społeczno-gospodarczy kraju. Wobec powyższego, dla spójności krajowej policy mix potrzebna jest koordynacja działań pomiędzy politykami składowymi, zarówno w długim jak i krótkim okresie, co dobitnie potwierdza literatura krajowa (Olszak, 2012;Dobrzańska, 2016;Pyka i Nocoń, 2020), jak i zagraniczna (Blinder, 1982;Semmler and Haider, 2018). Brak koordynacji, z kolei, może generować łączną nieproduktywność wszystkich trzech polityk (de Guindos, 2022;Malmierka, 2022).…”

Section: Policy MIX Po Kryzysie Finansowymunclassified

Polityka Makroostrożnościowa W Polsce. Koordynacja Działań Na Rzecz Stabilności Finansowej

Waszkiewicz

2023

View full text Add to dashboard Cite

Cel. Umiejscowanienie polityki makroostrożnościowej w ramach krajowej policy mix oraz analiza potencjalnych słabości wynikających ze sposóbu organizacji nadzoru w Polsce. Metoda. Analiza krytyczna organizacji rodzimej politki nadzorczej w kontekście podejowania decyzji i wdrażania działań prewencyjnych. Wyniki. Organizacja polityki makroostrożnościowej w Polsce może prowadzić do materializacji pokusy wymienialności celów oraz powstawania opóźnienień czasowych w procesie podejmowania decyzji i wdrażania instrumentów ograniczających ryzyko systemowe, zwłaszcza w okresie dobrej koniunktury gospodraczej.

show abstract

Eine solidarische EU: Wie können Fiskal- und Sozialunion konzipiert werden?

Young¹,

Semmler

2019

Globale Politische Ökonomie

View full text Add to dashboard Cite

Cooperative Monetary and Fiscal Policies in the Euro Area

Cited by 4 publications

References 39 publications

European economic, fiscal, and social policy at the crossroads

European economic, fiscal, and social policy at the crossroads

Polityka Makroostrożnościowa W Polsce. Koordynacja Działań Na Rzecz Stabilności Finansowej

Eine solidarische EU: Wie können Fiskal- und Sozialunion konzipiert werden?

Contact Info

Product

Resources

About