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    Economic and monetary union: balancing credibility and legitimacy in an asymmetric policy-mix

    Hodson, Dermot and Maher, I. (2002) Economic and monetary union: balancing credibility and legitimacy in an asymmetric policy-mix. Journal of European Public Policy 9 (3), pp. 391-407. ISSN 1350-1763.

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    There is a double asymmetry in the structure of economic and monetary union (EMU). First, monetary policy is uniform while national economic policies are merely co-ordinated. The credibility of monetary policy is underwritten by an independent European Central Bank, but this is not sufficient as the objective of price stability depends on other aspects of economic policy. Thus greater coordination of national economic policies is needed to secure a credible monetary policy. This highlights the second asymmetry. The emphasis on credibility has been such that due regard has not been given to the legitimacy of the EMU policy architecture. If policy-making is to be effective, credible and legitimate, decisionmakers need to pay attention to four key legitimacy indicators: input, output, values and process. It seems inevitable that the success of the developing policy architecture and its effects, both in its monetary and economic dimension, will be judged against these broader standards.


    Item Type: Article
    Keyword(s) / Subject(s): credibility, economic and monetary union, economic policy coordination, European Central Bank, legitimacy
    School: Birkbeck Faculties and Schools > Faculty of Humanities and Social Sciences > School of Social Sciences
    Depositing User: Sarah Hall
    Date Deposited: 10 Oct 2017 08:44
    Last Modified: 02 Aug 2023 17:36


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