Europe: Government and Money: Running Emu: The Challenges of Policy Co-Ordination

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With notes and coins now in use in all 12 countries that make up the euro-zone, the euro is now a fully-fledged currency. One of the questions about running EMU is whether different strands of macroeconomic policy should be co-ordinated. And if some form of co-ordination is desirable, should it be explicit and formal or merely tacit? These questions will be central to the policy making process in the euro-zone as EMU is consolidated. Although there are rules governing fiscal policy embodied in the Stability and Growth Pact, ...