Title Real wage rigidities, fiscal policy, and the stability of EMU in the transition phase / prepared by Norbert Berthold, Rainer Fehn, and Eric Thode

Published [Washington, D.C.] : International Monetary Fund, Research Department, ©1999

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Description 1 online resource (33 pages) : illustrations Series IMF working paper ; WP/99/83 IMF working paper ; WP/99/83. Summary After the endorsement of a large European Monetary Union (EMU) with 11 starting members by the European Commission, the European Monetary Institute, and last but not least the Bundesbank even the hard-core skeptics appear to be convinced: the Euro will be a success story, and it will more or less smoothly sail onwards from its start on January 1, 1999, to finally substituting the respective national currencies by July 1, 2002. The rather surprising fulfillment of the Maastricht criteria by such a large number of countries serves as a strong argument for this rather optimistic point of view. It should be cautioned though that some countries only managed to fulfill the fiscal criteria by resorting to short term measures, by creative accounting, and of course by a generous interpretation of the criteria. This is of course not to deny that macroeconomic discipline has improved substantially throughout the European Union (EU) in recent years. The above institutions expressed nonetheless some reservations concerning the high level of outstanding government debt in Belgium and Italy; both have accumulated more than twice the reference value in the Maastricht Treaty of 60 percent of GDP. However, assuming that both countries continue their recently begun fiscal consolidation path, it is argued that the stability of the Euro is not undermined by this onerously high level of government debt Bibliography Includes bibliographical references (pages 31-33) Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Economic and Monetary Union. SUBJECT Economic and Monetary Union fast Subject Wages -- European Union countries Fiscal policy -- European Union countries Unemployment -- European Union countries Manpower policy -- European Union countries Monetary policy -- European Union countries Fiscal policy Manpower policy Monetary policy Unemployment Wages European Union countries Form Electronic book Author Fehn, Rainer Thode, Eric International Monetary Fund. Research Department. ISBN 1451896697 9781451896695 1281345466 9781281345462

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