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  1. 1 Folia Oeconomica Cracoviensia

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  1. 1 Młodkowski P.

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  1. 1 2007

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Elastyczność polityki fiskalnej w unii walutowej

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Młodkowski P.
Folia Oeconomica Cracoviensia
|
2007
|
vol. 48
25-46
EN
The discussion of the need to formally coordinate fiscal policies in monetary union member countries lacks a framework to assess the feasibility of different limits and requirements imposed on public finance at the member-country level. The main argument raised by opponents to a multilateral supervision is that it allows for no flexibility in conducting fiscal policy. A lack of this flexibility makes a response to asymmetric shocks impossible and increases differences in business cycle phases among monetary union member countries. This paper offers a framework to assess and compare fiscal policy flexibility under a variety of different fiscal constraints and their levels.
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