European monetary integration and national budgetary policies: new rules for an old game?

摘要: Monetary/fiscal policy conflicts are a ‘game’ that most industrial countries play of their time. Monetary authorities navigating between the Scylla high inflation and Charybdis insufficient growth naturally prefer low budget deficits were mainly or entirely financed by capital markets. On other hand, fiscal policy-makers competing for voters’ sympathies, in general, favour spendings but, at same time, shun taxes. The outcome economy then, normally, depends both on relative strength parties general social-economic, institutional historical circumstances influencing decisions.1