期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2006
出版社：European Central Bank
摘要：The monetary integration of the acceding countries will proceed in several distinct steps, starting with membership in the European Union (EU), followed by participation in the so-called Exchange Rate Mechanism (ERM) II and ultimately entry into the euro area. This paper addresses the question of whether a reduction of public de cits, such as imposed by the Maastricht scal criteria, is a necessary or useful step on the road to the adoption of the euro. The question is addressed by examining the interaction of monetary, scal and wage policies and their e¤ects on prices in a monetary union hit by economic shocks. The theoretical model shows that scal activism is related with both entry in monetary union and with structural di¤erences in the national labour markets, and analyses in detail the e¤ect of both factors. As for acceding countries, the conclusion is that the process of de cit reduction should be completed before entry, as suggested by the Maastricht criteria. The chapter also suggests that scal constraints on government de cits appear essential in a monetary union when the wage formation is taken into due consideration.
关键词：Fiscal policy; monetary policy; European Monetary Union; scal rules.
