The fiscal compact - Europe's "hard core" based on German economic conditions. OSW Commentary No. 71, 2012-03-07

On 2 March, the leaders of 25 EU member states signed the Treaty on stability, coordination and governance in the economic and monetary union. It will introduce new fiscal constraints and officially vest new competences in the eurozone countries. Thus, their right to coordinate economic policy among them will be sanctioned. So far, the Lisbon Treaty has only provided for organisation of informal Eurogroup meetings, to be attended by representatives of the European Commission. The principles introduced by the compact, if the eurozone countries are really determined to observe its provisions, will create a new way of managing the single currency. Within the next few years, the most indebted countries will have to carry out radical reforms to boost their competitiveness and adjust it to German standards. During this period the Federal Republic of Germany will most probably decide to offer higher loan guarantees to relieve these countries’ budgets. The compact’s political consequences are also of great significance, especially considering how the treaty was finalised. The eurozone states have in fact accepted that the direction for changes will be devised by France and Germany, and the role of European institutions such as the Commission or the Parliament may weaken. From the perspective of eurozone candidate countries, the introduction of the fiscal compact means expanding the scope of conditions they must meet to become members of the single currency area. In the future, a country, in order to adopt the single currency, will have to meet the structural deficit criterion, and also most probably carry out economic reforms such as unifying its fiscal system. These goals will be achieved across the eurozone gradually, in the subsequent stages of the economic governance reform.

Does All Fit One Size? An evaluation of the ECB policy response to changing economic conditions in the Euro area member states. ACES Cases No. 2008.1

This paper empirically investigates the extent to which the European Central Bank has responded to evolving economic conditions in its member states as opposed to the euro area as a whole. Based on a forward-looking Taylor rule-type policy reaction function, we conduct counterfactual exercises that compare the monetary policy behavior of the ECB with two alternative hypothetical scenarios: (1) were the euro member states to make individual policy decisions, and (2) were the ECB to respond to the economic conditions of individual members. The results reflect the extent of heterogeneity among the national economies in the monetary union and indicate that the ECB's monetary policy rates have been particularly close to the "counterfactual" interest rates of its largest euro members, as well as of countries with similar economic conditions, which includes Germany, Austria, Belgium and France.

Economic conditions of the Virgin Islands. Supplemental report on an investigation of the economic conditions of the Virgin Islands of the United States with special reference to the currency situation and the possibility of establishing an American bank,

Presented by Mr. Willis. Ordered to be printed May 10 (calendar day, May 12), 1926.

Report on economic conditions in Japan, to 30 June, 1928;

Mode of access: Internet.

Wisconsin's Mississippi River Region : an economic development summary /

"An abridgement of the MRRPC's official Overall Economic Development Program document..."

[Miscellaneous publications on economic conditions in West Virginia]

Mode of access: Internet.

20th century bookkeeping and accounting : a treatise on modern bookkeeping, accounting, and business customs, as illustrated in the "business transactions" wthich accompany this text.

"Granted a medal of award by the Panama-Pacific international exposition, San Francisco, California, 1915."

The Latter day saints; a study of the Mormons in the light of economic conditions,

Bibliography: p. 347-350.

Early western travels, 1748-1846; a series of annotated reprints of some of the best and rarest contemporary volumes of travel, descriptive of the aborigines and social and economic conditions in the middle and far West, during the period of early American settlement,

Vol. 25 (81 plates, fold. map) 53 cm.

The Russian empire of to-day and yesterday; the country and its peoples, together with a brief review of its history, past and present, and a survey of its social, political, and economic conditions,

Bibliography: p. 477-480.

Annals and memoirs of the court of Peking (from the 16th to the 20th century)

Mode of access: Internet.

United States of Brazil. A geographical sketch, with special reference to economic conditions and prospects of future development,

"Native races of Honduras by J. Hampden Porter": p. 34-54.

Present and projected economic conditions and employment and training policies : highlights from The economic report of the President, 1983 and reports from the Congressional Budget Office /

"February 1983."