1. Fiscal aspects of European monetary integration: an introduction Andrew
Hughes Hallett, Michael M. Hutchison and Svend E. Hougaard Jensen; Part I.
Institutions and Political Economy: 2. Institutions and fiscal policy in
EMU Niels Thygesen; 3. A political economy analysis of the Maastricht and
Stability Pact fiscal criteria Thomas F. Willett; Part II. Automatic
Stabilizers in a Monetary Union: 4. Budgetary norms and EMU Torben M.
Andersen and Robert Dogonowski; 5. Regional adjustment and the welfare
economics of monetary unification: what are the benefits of exchange rate
flexibility and fiscal insurance? Kenneth M. Kletzer; 6. Nominal stability,
real convergence, and fiscal transfers in a monetary union Svend E.
Hougaard Jensen; Discussion: Automatic Stabilizers and Fiscal Transfers
Neil Rankin; Part III. The Stability and Growth: Pact 7. The Stability
Pact: Trading-off Flexibility for Credibility? Michael Artis and Bernhard
Winkler; 8. The stability and growth pact in a model with
politically-induced deficit biases Roel M. W. J. Beetsma; 9. Implications
of the Growth and Stability Pact: why the growth element is important
Andrew Hughes Hallett and Peter McAdam; Discussion: the Stability Pact and
Fiscal Policy Clas Wihlborg; Part IV. Asymmetric Business Cycles and Fiscal
Linkages in Europe: 10. Costs of EMU and economic convergence Michael
Bergman and Michael M. Hutchison; 11. Fiscal consolidation in Europe: some
empirical issues Christopher Allsopp, Warwick McKibben and David Vines; 12.
Could the ins hurt the outs? A welfare analysis of International Financial
Fiscal Links Giancarlo Corsetti and Paolo Pesenti; Discussion: insiders and
outsiders in EMU Paul De Grauwe.
