The Case for Straightening Out Macroeconomic Policy in the European Union
In the European Union there is agreement that the establishment of the European Monetary Union is a decisive political and economic achievement. Politically, EMU is a further step in European integration, which could lead to a federal Europe with democratic legitimacy in the long run. Due to EMU, stable exchange rates within the internal market and a framework for a common monetary policy have been established. This could lead to a federalisation of other policy instruments, especially a proper EU budget and elements of a federal fiscal policy ...
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