By Dariusz K. Rosati
The foremost monetary coverage matters concerning the EU's japanese expansion are analyzed during this assortment. concerns diversity from macroeconomic coverage swap demanding situations throughout the transition to ecu club and studies with monetary area reform within the mild of ecu accession, to the modeling of the commercial results of european accession on european incumbents and on candidate nations. the amount additionally attracts on past accession reviews and analyzes the foremost factor of disparities among the 1st- and second-tier candidate nations and the international locations ignored of the accession procedure altogether.
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Additional resources for Shaping the New Europe: Economic Policy Challenges of EU Enlargement
As a result policy makers systematically overestimate the net marginal benefit of increased public spending, and therefore use their political influence to increase spending beyond the level that would equate social marginal costs and benefits. For example a member of parliament representing a local electoral district will appreciate the full value of road improvements for the local economy. But since the district pays only a small portion of the central government’s tax revenues, the MP will ask for more road improvements when the central government pays for them than when they have to be paid for by local taxes.
Fiscal policies in the enlarged EU At present, fiscal policies in the individual EU member countries remain firmly in the hands of national governments. But the introduction of EMU has forced member countries to place certain restrictions on their fiscal policies to ensure the necessary degree of fiscal coordination across countries and to avoid free riding. Provisions laid down in the Stability and Growth Pact (SGP) restrict national fiscal policies in two crucial respects: the fiscal position should be close to balance or in surplus in the medium term, and the size of the budget deficit should not exceed 3 per cent of GDP.
At the implementation stage the critical variable is the degree to which the budget law effectively binds government actions. The more scope there 34 Macroeconomic Policy and Institutions is for deviations from the budget Act, and the more frequent supplementary budgets are, the less binding is the budget Act. Furthermore strengthening the finance minister’s control over budget implementation, for example by subjecting spending departments to quarterly cash limits, limits the scope of strategic behaviour during the implementation.