Fiscal Policy in the Eurozone: Stimulus or Consolidation?
Fiscal policy is one of the three pillars of what Dr. Ottmar Issing (2002) has called the Maastricht Assignment. For the Eurozone as a whole, the Central Bank is responsible for area-wide price stability. The twelve national fiscal authorities are responsible for fiscal policy--country by country--s...
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| Format: | Journal article |
| Language: | English |
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2005
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| _version_ | 1826267602109857792 |
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| author | Allsopp, C |
| author_facet | Allsopp, C |
| author_sort | Allsopp, C |
| collection | OXFORD |
| description | Fiscal policy is one of the three pillars of what Dr. Ottmar Issing (2002) has called the Maastricht Assignment. For the Eurozone as a whole, the Central Bank is responsible for area-wide price stability. The twelve national fiscal authorities are responsible for fiscal policy--country by country--subject to the provisions of the Stability and Growth Pact (SGP). The third pillar involves supply-side issues and wage/price developments and is the responsibility of "national governments and the social partners". Issing has argued that this assignment provides a clear division of roles and responsibilities--and that no further macroeconomic coordination is necessary or desirable. In this article, Christopher Allsopp assesses the framework for fiscal policy in the Eurozone, arguing for a system that is more decentralised; ensures 'sustainability' as a primary objective; and, subject to that, allows for activist stabilisation policy against country-specific shocks. |
| first_indexed | 2024-03-06T20:56:42Z |
| format | Journal article |
| id | oxford-uuid:39818a94-7384-45b2-aa35-24e038b843c7 |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-06T20:56:42Z |
| publishDate | 2005 |
| record_format | dspace |
| spelling | oxford-uuid:39818a94-7384-45b2-aa35-24e038b843c72022-03-26T13:55:57ZFiscal Policy in the Eurozone: Stimulus or Consolidation?Journal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:39818a94-7384-45b2-aa35-24e038b843c7EnglishDepartment of Economics - ePrints2005Allsopp, CFiscal policy is one of the three pillars of what Dr. Ottmar Issing (2002) has called the Maastricht Assignment. For the Eurozone as a whole, the Central Bank is responsible for area-wide price stability. The twelve national fiscal authorities are responsible for fiscal policy--country by country--subject to the provisions of the Stability and Growth Pact (SGP). The third pillar involves supply-side issues and wage/price developments and is the responsibility of "national governments and the social partners". Issing has argued that this assignment provides a clear division of roles and responsibilities--and that no further macroeconomic coordination is necessary or desirable. In this article, Christopher Allsopp assesses the framework for fiscal policy in the Eurozone, arguing for a system that is more decentralised; ensures 'sustainability' as a primary objective; and, subject to that, allows for activist stabilisation policy against country-specific shocks. |
| spellingShingle | Allsopp, C Fiscal Policy in the Eurozone: Stimulus or Consolidation? |
| title | Fiscal Policy in the Eurozone: Stimulus or Consolidation? |
| title_full | Fiscal Policy in the Eurozone: Stimulus or Consolidation? |
| title_fullStr | Fiscal Policy in the Eurozone: Stimulus or Consolidation? |
| title_full_unstemmed | Fiscal Policy in the Eurozone: Stimulus or Consolidation? |
| title_short | Fiscal Policy in the Eurozone: Stimulus or Consolidation? |
| title_sort | fiscal policy in the eurozone stimulus or consolidation |
| work_keys_str_mv | AT allsoppc fiscalpolicyintheeurozonestimulusorconsolidation |