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Mark Hallerberg

In: Handbook of European Union Politics

Chapter 18: Fiscal and Monetary Policy: Coordination and Integration in Macro-Economic Policy

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Fiscal and Monetary Policy: Coordination and Integration in Macro-Economic Policy
Fiscal and monetary policy: Coordination and integration in macro-economic policy
Introduction

Fiscal and monetary policies were not particularly relevant issues at the European level when the European Economic Community was formed. Discussions of some sort of ‘monetary union’ did arise in the 1960s, which culminated in the Werner Report in 1970. This document called for a move over three stages to the free movement of capital, the establishment of a community system of central banks, and an irrevocable fixing of exchange rates that would amount to a monetary union. On the fiscal side, the Report recommended that the Community set budget balance targets for the member states and make decisions on how countries would finance deficits or ...

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