Economic Policy in EMU: A Study by the European Commission Services Book

	Introduction
Pt. I	Rules and Adjustment
1	The Economic Policy Framework of EMU	3
2	Adjustment in EMU	24
Pt. II	Specific Policy Issues
	Monetary Policy and the Exchange Rate
3	The Conduct of Monetary Policy	39
4	Monetary Policy and Long-Term Interest Rates	57
5	The Impact of Monetary Policy on the Real Economy	62
6	The External Dimension	70
	Budgetary Policy
7	Achieving Budgetary Discipline: The Maastricht Consolidation Process	83
8	Budgetary Adjustment: The Role of the Stability and Growth Pact	102
9	Budgetary Automatic Stabilisers	128
10	Budgetary Policy Coordination	138
	Shocks and Market Adjustment
11	Shocks and Cycles	153
12	Adjustment Channels	165
13	Economic Adjustment and the Labour Market	173
	Real and Nominal Convergence
14	Productivity and Inflation Differentials	189
15	Regional Specialisation and Catching up	195
App. 1	Provisions of the Treaty Establishing the European Community
App. 2	The Stability and Growth Pact
	References	241
	Index	253