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World Economic Outlook; April 2006; Chapter I; Economic Prospects ...

Source: www.internationalmonetaryfund.com
Topic: Economic Policy

Sort Desciption: ECONOMIC PROSPECTS AND POLICY ISSUES. 3. 1970 75 80 85 90 95 2000 05 10 ...... of maintaining sound economic policies and ...

Content Inside: O n January 1 1999 the third and final stage of European Economic and Monetary Union (EMU) will begin with the establishment of a currency union encompassing 11 of the 15 member countries of the European Union (EU)Austria Belgium Finland France Germany Ireland Italy Luxembourg the Netherlands Portugal and Spain. On that date these countries will lock their exchange rates and adopt the euro as their common currency with monetary and exchange rate policy determined by area-wide in- stitutions. Thus each country will give up the possi- bility of independent monetary and exchange rate policy. EMU does not change the locus of responsibility for policies other than monetary and exchange rate poli- cies. Policies affecting external trade and the integra- tion of internal markets are already a matter of EU competence. Fiscal and labor market policies will con- tinue to be decided mostly at the national level albeit subject to closer surveillance by EU institutions (see the appendix to this chapter). In this regard the Stability and Growth Pact (SGP) agreed in June 1997 set out the procedures for surveillance of national fis- cal policies strengthening the framework provided in the Maastricht Treaty. Also the Treaty of Amsterdam signed in October 1997 explicitly recognized labor market policies as a matter of common concern and set out procedures for their surveillance. Except for mon- etary and exchange rate policies area-wide decision making and surveillance are the responsibility of insti- tutions of the EU as a whole. It has been agreed that ministers of euro-area countries can meet (as the Euro- 11 Group) to discuss issues related to the single cur- rency but that formal surveillance and coordination decisions will be the prerogative of the full EU Council of Ministers (ECOFIN). The monetary and exchange rate policies conducted at the euro-area level will be of considerable global importance. The prospective euro area rivals the United States in terms of ou ...

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