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N°266 |
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| April 2007 |
| Euro Area: Macroeconomic Policies Under Constraints |
Agnès Bénassy-Quéré
Benjamin Carton |
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| One almost no longer speaks about them. Neither in international forums, where sound economic policies essentially mean structural
reforms, enhanced competition, trade integration and financial supervision; nor in the public debate, except to assign them objectives
which are mainly out of their scope. Still, monetary and fiscal policies represent important levies of action. Between the ECB’s price
stability objective and the Stability and Growth Pact, do counter-cyclical policies have a role to play in the euro area? |
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