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The aim of the paper is to present arguments for implementing fiscal policy constraints in monetary union member countries and to compare experience in this area in two non-European monetary unions in Africa and the EMU. The author offers a brief review of arguments - for and against fiscal convergence in a monetary union - presented in the literature on the subject. This empirical and theoretical...
The paper examines issues related to the coordination of fiscal and monetary policies. The author discusses the implications of delayed monetary and fiscal decisions and the difficulties involved in setting economic policy goals. He also describes the 'one-armed policymaker' syndrome and the 'zero bound problem'. The discussion indicates that proper coordination makes it possible to limit delays in...
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