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The European Central Bank as the Only Game in Town: How Could Fiscal Policy Makers Play Along?
Credit and Capital Markets – Kredit und Kapital, Vol. 51 (2018), Iss. 1 : pp. 93–111
5 Citations (CrossRef)
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Ad van Riet, Directorate General Economics of the European Central Bank (ECB), Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany
Cited By
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Twenty Years of European Central Bank Monetary Policy: A Keynesian and Austrian Perspective
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Monetary Policy Stretched to the Limit: How Could Governments Support the European Central Bank?
van Riet, Ad
SSRN Electronic Journal , Vol. (2017), Iss.
https://doi.org/10.2139/ssrn.2877329 [Citations: 2] -
Neue Segel, alter Kurs?
Das (un)heimliche Zentrum der Macht – Zum Wandel der Europäischen Zentralbank in der Krise
Heinrich, Mathis
2019
https://doi.org/10.1007/978-3-658-25037-9_3 [Citations: 1] -
The European Monetary Union after COVID-19: Towards Fiscal Integration Aligned with Monetary Policy
van Riet, Ad
SSRN Electronic Journal , Vol. (2020), Iss.
https://doi.org/10.2139/ssrn.3756258 [Citations: 0]
Abstract
The Maastricht Treaty clearly separated the domains of the single monetary policy and the national fiscal policies. This article examines what national fiscal policy-makers could do together to more actively support the ECB in maintaining price stability for the eurozone when the monetary policy rate reaches the effective lower bound, while keeping their sovereignty. The appropriate euro area fiscal stance is constrained by the need for member countries to find a balance between their budgetary contribution to macroeconomic stabilisation and requirements for achieving and maintaining fiscal sustainability. Euro area countries could nevertheless strengthen fiscal and structural policy coordination in the Eurogroup and establish a central fiscal capacity subject to common decision-making with the objective to provide for a growth-friendly economic policy mix for the euro area.
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Ad van Riet: The European Central Bank as the Only Game in Town. How Could Fiscal Policy Makers Play Along? | 1 |