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This book is highly relevant to the policy agendas of all industrialized countries considering the current climate of low inflation and low growth. It is comprised of the contributions of leading macroeconomists who analyze the interactions between fiscal and monetary policies within the European Union. A final chapter examines the interactions between the U.S. and European economies and the problems associated with international policy coordination.

This book explores the origins, rationale, problems and prospects of the European fiscal policy framework. It provides the reader with a roadmap to EMU's budgetary framework by exploring its theoretical and empirical foundations, uncovering its historical roots and emphasising its supranational nature. The authors, who have been at the forefront of the academic and policy debate on economic policy in Europe, argue that fiscal policy has always been at the core of the EMU debate. The Maastricht criteria and the Stability and Growth Pact are the most contentious building blocks of EMU's...