Abstract

PANICO, Carlo. Can European Monetary Union favour growth and the employment?. Inv. Econ [online]. 2002, vol.62, n.239, pp.13-35. ISSN 0185-1667.

The essay tries to evaluate how the European Monetary Union can contribute to economic growth and which institutional changes can favour this result. It argues that the EMU has created the possibility of higher growth, which cannot be achieved owing to the institutional agreements which have been reached to realise the Union. The essay then argues that the formation of a European political union is necessary. This would restore the use of fiscal policy, which cannot at present be implemented in the Euro area owing to the lack of a European fiscal authority, and would strengthen the management of monetary policy by enhancing the democratic Legitimacy of the European monetary authority.

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