The Euro, Public Expenditure, and Taxation

摘要

In a new working paper, Institute Professor Philip Arestis joins Senior Scholar Malcolm Sawyer of the University of Leeds in examining what effect entering the eurozone would have on Britain's fiscal policies. They begin by recounting how first the Maastricht Treaty and then the Stability and Growth Pact--the eurozone's agreements on harmonizing economic policies--have restricted the member nations' freedom to adopt expansionary fiscal and monetary policies.