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This book analyzes economic interdependence in the Euro Area. It offers expert estimates of the sign and size of economic spillovers. Moreover, the authors explore the impact of economic policy coordination on economic performance in the Euro Area. Among the many topics explored are the link between fiscal and monetary policies in the Euro Area and the coordination of fiscal policies and of structural reforms.

Sufficiently flexible labour markets are considered an important precondition for countries to benefit from membership in the monetary union.Economic policy coordination within the European Community is extensive and includes issues related to labour market structures.In this paper we study the determination of flexibility of the labour market and, ultimately, of wages in a member country of the monetary union.As a starting point, the analysis assumes that each country's government, in formulating its labour market policy, decides the degree of nominal wage flexibility in light of the fact that this involves political costs that increase with the degree of wage flexibility.The study then focuses on the effects of monetary union membership on each country's prospects for coordination of economic policies - specifically labour market policies.The study shows that coordination of labour market policies contributes to greater nominal wage flexibility in member countries.However, coordination of labour market policies will be effective only if unemployment is persistent or under discretionary monetary policy.From the perspective of macroeconomic stability, there is no particular need for coordinating labour market policies among member countries if the common central bank can credibly precommit to a low inflation target or if fluctuations in unemployment are white noise.

Contents: 1. Jürgen von Hagen, Jean Pisani-Ferry - Forum Economique Franco-Allemand /Deutsch-Französisches Wirtschaftspolitisches Forum .1 -- 2. Karel Lannoo - Financial Supervision in EMU .3 -- 3. Charles Wyplosz - Economic Policy Coordination in EMU: Strategies and Institutions.36 -- 4. Agnès Bénassy-Quéré - Summary of the Proceedings of the Fourth Franco-German Forum .61

Предметом исследования является взаимносогласованность фискальной и монетарной политики и оценивание ее воздействия на экономический рост как в Украине, так и в странах с рыночной и развивающейся экономикой. Целью исследования является комплексный анализ каналов воздействия координации монетарной и фискальной политики на экономический рост страны; оценивание степени такого воздействия на основе эконометрических моделей панельных данных, и рекомендации по формированию государственной стратегии, направленной на достижение макроэкономической стабильности и стимулирование экономического роста в краткосрочной и долгосрочной перспективах. В процессе исследования были использованы общенаучные методы анализа и синтеза, методы группировок, детализации, обобщения и систематизации данных, а также экономико-математические методы и модели, включая эконометрические модели панельных данных. Результаты работы. Аргументировано, что монетарная и фискальная политики совместно оказывают воздействие на основные макроэкономические индикаторы, такие как инфляция, процентные ставки, обменный курс и др. На основе статистического анализа динамики основных инструментов фискальной и монетарной политики, роста реального ВВП и основных макроэкономических показателей как развитых, так и развивающихся стран определено, что, в среднем, скоординированная политика оказывает большее стимулирующее влияние на не инфляционный экономический рост, чем нескоординированная. Однако в общем случае результаты не являются однозначными, соответственно, проведенное дополнительное исследование на основе эконометрических методов, а именно разработанных моделей панельных данных в нескольких модификациях, позволило уточнить влияние как отдельных, так и синергетических эффектов монетарной и фискальной политики на экономический рост. Эмпирический анализ подтвердил существенное значение координации фискальной и монетарной политики для стимулирования экономического роста в краткосрочной и среднесрочной перспективах. Однако было определено, что в долгосрочной перспективе фундаментальные факторы, такие как начальный уровень ВВП, формирование капитала, человеческий потенциал, свобода торговли и др. оказываются более существенными для обеспечения экономического роста страны. Результаты исследования могут быть использованы для формирования государственных программ и стратегий достижения макроэкономической стабильности и стимулирования экономического роста в краткосрочной и долгосрочной перспективах. Выводы. Результаты проведенного теоретического, статистического и эконометрического анализа подтверждают важность координации фискальной и монетарной политики. В общем случае, для большинства стран достаточно хорошей смешанной политикой, оказывающей влияние на экономический рост, является политика монетарной экспансии и фискальной рестрикции в краткосрочной и среднесрочной перспективах, однако в долгосрочной перспективе более значимыми являются фундаментальные факторы. Обосновано, что для достижения более высоких темпов экономического роста украинской экономики в краткосрочной и среднесрочной перспективах возможно рассматривать варианты проведения умеренно сдерживающей фискальной политики и политики умеренной монетарной экспансии, тогда как в долгосрочной перспективе основное внимание должно быть сосредоточено на прогрессивных институциональных изменениях в экономике, а также усовершенствовании физического и человеческого капитала.The object of the research is the coordination of fiscal and monetary policies and the methods of the estimation of its effect on economic growth in Ukraine as well as in the other developed and emerging countries. The main aim of the research is to find out whether and how the coordination of fiscal and monetary policies affects economic growth in a country; estimate the impact of their coordination policy on economic growth on the base of the build econometric panel data models and elaborate the propositions about effective government strategies for macroeconomic stability achievement and stimulation of the economic growth in short and long run. The study used general scientific methods of analysis and synthesis, methods of grouping, detailing, generalization and systematization of data, as well as economic and mathematical methods, including econometrics panel data methods and models. The results. Fiscal and monetary policies jointly influence on economic growth through the key macroeconomic indicators such as inflation, interest rates, exchange rate etc, The joint statistical investigation of fiscal and monetary policies with real GDP growth and the main macroeconomic indicators in the developed and emerging countries revealed that, on average, coordinated policies are more supportive for non-inflationary economic growth than uncoordinated. However, in general, as statistical analysis has shown, evidence is mixed, so further quantitative investigation on the based of econometric tools has been done. In this context the panel data empirical model of economic growth and some of it modifications incorporating separate and joint effects of fiscal and monetary policy were elaborated. Quantitative econometric analysis of economic growth and coordination of fiscal and monetary policies, undertaken on the basis of neoclassical model of growth and panel data methodology, revealed that there is an impact of coordination of fiscal and monetary policies on the shortand medium-term economic growth. However, in the long run there are fundamental factors (initial GDP, capital formation, human capital, and trade freedom) that matter. The results can be used to form government programs and strategies for macroeconomic stability achievement and stimulation of the economic growth in short and medium terms as well as in long run. Conclusions. The results of the system theoretical, statistical and econometrics analysis reveal that coordination of fiscal and monetary policies do matter in the short to medium run. More specifically, it has been found that the "ideal" policy mix for economic growth is one of contractionary fiscal and expansionary monetary policy, however, in the long run there are fundamental factors that matter. As for economic policies in Ukraine, given the empirical findings it is desirable to pursue reasonably tight fiscal and reasonably expansionary monetary policies to achieve higher rates of economic growth in the short and medium run, while improving the economy's institutional framework, physical and human capital to sustain higher rates of growth in the long run.

Politique économique en présence de problèmes de coordination Cet article analyse la politique gouvernementale en présence des jeux de coordination. Dans les situations économiques avec équilibres multiples, l'intervention du gouvernement peut être nécessaire pour dépasser les problèmes de coordination et internaliser les externalités. Cependant, la définition des interventions optimales est rendue plus difficile par la présence des complémentarités stratégiques et des équilibres multiples.

The economic and financial crisis 2007/08 revealed profound weaknesses of the economic and financial governance framework of the European Union (EU), amongst them the insufficient coordination of EU policies in the field of economic policy. In 2011, EU member states created the European Semester which aimed at better coordinating member states' economic and fiscal policies. Focussing on French value-added tax (VAT) and environmental taxation policy between June 2011 and February 2015, I analyse under which conditions the European Semester process leads to changes in national taxation policies. I develop a theoretical framework that draws on rationalist Europeanization theory to argue that usage of European Semester impulses by domestic pro-reform actors is the central mediating variable to explain whether European Semester impulses lead to changes in national policies. The analysis reveals that despite similar European Semester impulses the degree of subsequent changes in French taxation policies varied significantly. Whereas environmental taxation policy was transformed substantially, VAT policy was only slightly modified. The different strength of domestic usage by French pro-reform actors provides an explanation for this variance: While in environmental taxation policy, a group of pro-reform actors actively used the European Semester impulses to push for substantial reforms, pro-reform actors did not make use of the European Semester impulses in the field of VAT policy.

The economic and financial crisis 2007/08 revealed profound weaknesses of the economic and financial governance framework of the European Union (EU), amongst them the insufficient coordination of EU policies in the field of economic policy. In 2011, EU member states created the European Semester which aimed at better coordinating member states' economic and fiscal policies. Focussing on French value-added tax (VAT) and environmental taxation policy between June 2011 and February 2015, I analyse under which conditions the European Semester process leads to changes in national taxation policies. I develop a theoretical framework that draws on rationalist Europeanization theory to argue that usage of European Semester impulses by domestic pro- reform actors is the central mediating variable to explain whether European Semester impulses lead to changes in national policies. The analysis reveals that despite similar European Semester impulses the degree of subsequent changes in French taxation policies varied significantly. Whereas environmental taxation policy was transformed substantially, VAT policy was only slightly modified. The different strength of domestic usage by French pro-reform actors provides an explanation for this variance: While in environmental taxation policy, a group of pro-reform actors actively used the European Semester impulses to push for substantial reforms, pro-reform actors did not make use of the European Semester impulses in the field of VAT policy.

The economic and financial crisis 2007/08 revealed profound weaknesses of the economic and financial governance framework of the European Union (EU), amongst them the insufficient coordination of EU policies in the field of economic policy. In 2011, EU member states created the European Semester which aimed at better coordinating member states' economic and fiscal policies. Focussing on French value-added tax (VAT) and environmental taxation policy between June 2011 and February 2015, I analyse under which conditions the European Semester process leads to changes in national taxation policies. I develop a theoretical framework that draws on rationalist Europeanization theory to argue that usage of European Semester impulses by domestic pro-reform actors is the central mediating variable to explain whether European Semester impulses lead to changes in national policies. The analysis reveals that despite similar European Semester impulses the degree of subsequent changes in French taxation policies varied significantly. Whereas environmental taxation policy was transformed substantially, VAT policy was only slightly modified. The different strength of domestic usage by French pro-reform actors provides an explanation for this variance: While in environmental taxation policy, a group of pro-reform actors actively used the European Semester impulses to push for substantial reforms, pro-reform actors did not make use of the European Semester impulses in the field of VAT policy.

AbstractThe Next Generation EU (NGEU) and the Recovery and Resilience Facility (RRF) encompassed the European Semester. To understand how and why this happened we apply different theoretical approaches so as to emphasize different aspects of this process. The contributions in this collection discuss three main questions: (1) Is the Semester successfully implemented in the domestic arena? (2) Do domestic institutions and stakeholders play a crucial role in the success (or lack thereof) of the Semester? (3) What lessons can we learn from past economic policy coordination for the challenges ahead? In answering these questions, one's lens needs to be focused at both the EU and the domestic levels. Various factors play a role: solidarity, mutual understanding, relations between the 'South' and the 'North', questions about democracy, the rule of law, the interaction between economic and social issues, and even the need to address the climate crisis (the Green Deal).