Abstract

Credit Policy in the Framework of a General Anti-cyclical Policy in the EEC

When the European economic and monetary integration will have been fully achieved at the end of this decade, the EEC central banks will no longer be autonomous. Until then, their actions as well as fiscal and monetary policies of the EEC countries must be coordinated step by step. The Council of Ministers and the Comission of the EEC therefore have worked out a system of guidelines for the coordination of economic policy actions on ihe basis of generally accepted economic goals including in particular guidelines for the credit policies. The latter have not yet been achieved. They are to be made up by the central banks on assignment of the EEG Council. The author shows how that can be done. He analyses in particular how the necessary volume of bank liquidity, the volume of credits for non-banks and the interest level can be estimated under the assumption of a given rate of economic growth