The Future of Macroeconomic Policy in the European Union

These papers report on research carried out by, or under the supervision of, the external members of the Monetary Policy Committee (MPC) and their economic staff.
Published on 01 February 2002

External MPC Unit Discussion Paper No. 7

Christopher Allsopp

This paper is the text of the key-note speech on macroeconomics given by Christopher Allsopp at the 75th Anniversary Symposium of the Austrian Institute of Economic Research (WIFO) in Vienna on January 23rd 2002*. It discusses the role of the European Central Bank, coordination issues between monetary and fiscal policy, and the effects of the interaction of the Stability and Growth Pact with labour market issues, especially on the processes of adjustment between countries in the euro area.

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