The European integration process is ongoing. Europe is still heterogeneous. Within this context, the paper addresses the question
of whether policies in the EU should head towards autonomy, coordination or harmonisation. Taking the path dependence effect
into account, in the papers' opinion, Europe has gone too far in its integration process to be able to continue with policies
fully under the competencies of individual member countries. Furthermore, the establishment of the common currency in the
EU as a result of deep harmonisation in the monetary policy area is an unambiguous precedent with many consequences. First
of all, the habitual question still arises in the literature: does fiscal policy need to be harmonised to a comparable level,
as these two policies necessarily complement each other? The paper argues that it does not.
Forschungsbereich:Makroökonomie und europäische Wirtschaftspolitik