Coordination of Budget Policies within a Monetary Union: Recent Experience from CEMAC Member States
Avom, Désiré
Coordination of Budget Policies within a Monetary Union: Recent Experience from CEMAC Member States - 2007.
33
Since 2001, CEMAC has introduced a program for the coordination of national fiscal policies. The paper provides a theoretical and empirical evaluation of this program. It seems that, while fully justified, the application of coordination is weakened by various factors and that corrective actions are necessary. Some of the limitations arise from domestic factors and result in excessively restrictive, but badly enforced, norms. Other limitations pertain to external factors and determine an inadequate policy mix to address broad development issues such as poverty reduction and unemployment.
Coordination of Budget Policies within a Monetary Union: Recent Experience from CEMAC Member States - 2007.
33
Since 2001, CEMAC has introduced a program for the coordination of national fiscal policies. The paper provides a theoretical and empirical evaluation of this program. It seems that, while fully justified, the application of coordination is weakened by various factors and that corrective actions are necessary. Some of the limitations arise from domestic factors and result in excessively restrictive, but badly enforced, norms. Other limitations pertain to external factors and determine an inadequate policy mix to address broad development issues such as poverty reduction and unemployment.
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