Publisher's Synopsis
The European Central Bank runs monetary policy for countries in the euro-zone, but national governments remain responsible for most other aspects of economic policy. The contributors to this pamphlet address the question of whether the euro can work without the centralisation of budgetary, tax and employment policy.;Although there will have to be closer co-ordination of national policies in order to achieve the supply-side reforms, budgetary discipline and solid growth that a successful EMU requires, most of the writers argue that the co-ordination will work through peer pressure and the exchange of best practice, rather than the transfer of more power or resources to EU institutions.
