The treaty of Maastricht envisages the full economic and monetary
union in Europe. With increasing real and monetary integration
policy decisions in individual member countries tend to have a
growing impact on the other member countries of the European
Community. Against this background the following study analyses
within a unified theoretical framework the impact of monetary and
fiscal policy pursued by one country on its own macroeconomic
performance as well as on those of the other member countries and
of the rest of the world. The analysis contrasts the cases of a
small and a large European union relative to the rest of the world
and distinguishes very clearly between the short-run, the
medium-run and the long-run effects. Based on this the consequences
for union cohesion and the scope for policy coordination are
discussed. Since the analytical framework is defined by a three
country model many results from the traditional policy coordination
literature which relies on two country models are qualified. In
contrasts to most previous research in this area particular
attention is paid to the implications of asymmetries between the EC
member countries. Furthermore, the structural parameters are in
some instances not taken as given but as responsive to the
integration process. In this context numerous links to the
traditional literature on optimal currency areas are established
and interesting implications for union cohesion during the
transition are derived.
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