Macroeconomic Policy Coordination and the European Monetary System

Abstract

Macroeconomic policy coordination is a major topic in the Report of the (Delors) Committee for the Study of Economic and Monetary Union. Indeed, its treatment of fiscal policy coordination immediately became one of the more controversial aspects of the Report. The academic literature in theoretical and applied macroeconomics over the past few years has also emphasised policy coordination (see Buiter and Marston, 1985; Bryant and Portes, 1987). This literature stresses the strategic interaction among national governments, between national central banks and finance ministries, and between the domestic policy authorities and their private sectors.KeywordsExchange RateMonetary PolicyMonetary UnionMacroeconomic PolicyPolicy CoordinationThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.