The policy mix and policy coordination in EMU - how can it contribute to higher growth and employment?

• Autores: Andrew Watt, Volker Hallwirth
• Localización: Transfer: European Review of Labour and Research, ISSN 1024-2589, Vol. 9, Nº. 4, 2003, págs. 610-632
• Idioma: inglés
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• Resumen

  • This article makes a case for improved coordination between the three main areas of economic policy - monetary, fiscal and wage policy - in the context of EMU. Focusing in particular on the monetary-wage policy link, it argues that, in an uncertain world, a coordinated macro policy mix would produce superior results than the current policy assignment, raising the rate at which the European economy can grow without inflationary pressures. However, such a strategy must overcome a number of practical difficulties and political opposition. The Macroeconomic Dialogue could provide a forum for discussions between policy actors on a more cooperative, growth and employment-oriented strategy. Trade unions must play a key role both in coordinating their wage policies and in promoting greater interaction with the other policy-mix actors.