- Subject index
The European Union (EU) poses quite profound questions for scholars and students of the social and political sciences. This benchmark Handbook is designed to provide an authoritative state-of-the art guide to the scope of the field suitable for both established scholars and students of the EU; reflect and contribute to the debates about the nature of the field of EU studies and EU politics in particular; and explore in detail the development of the many approaches to the study of EU politics. Divided into four sections, the Handbook focuses on theorizing European integration; the EU as polity; politics and policy making in the EU; and the EU and the international system.
Chapter 18: Fiscal and Monetary Policy: Coordination and Integration in Macro-Economic Policy
Fiscal and Monetary Policy: Coordination and Integration in Macro-Economic Policy
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 ...