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This paper discusses the concept of Euro Area Fiscal Stance (EAFS), the current state of the EAFS and the instruments available to manage it. It closes with a proposal on how the management of the EAFS could be improved. The proposal comes in two parts. First, I discuss how the management of the EAFS could be improved within the boundaries of the Treaties. Next, I discuss a more ambitious plan, which might require a Treaty change.

Adjustment to Asymmetric Shocks

Štúdia 15-09-1998

Once the euro is a reality, participating Member States will be unable to alter exchange and interest rates. Nor will there be a large federal budget and significant labour mobility, as in the US. How will they then cope cope with 'asymmetric shocks' ? This study examines these questions in the light of 'optimum currency area' theory. It concludes that the main economic disparities are between regions rather than countries, and that appropriate instruments of adjustment in principle already exist ...