欧元区国家财政政策与货币政策协调研究（A study on the coordination of fiscal policy and monetary policy in euro area countries）.docVIP

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欧元区国家财政政策与货币政策协调研究（A study on the coordination of fiscal policy and monetary policy in euro area countries）.doc

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欧元区国家财政政策与货币政策协调研究（A study on the coordination of fiscal policy and monetary policy in euro area countries）

欧元区国家财政政策与货币政策协调研究（A study on the coordination of fiscal policy and monetary policy in euro area countries） A study on the coordination of fiscal policy and monetary policy in euro area countries Time: 2011-02-16 source: financial research Author: Meng Yan editor: XL First, the defects and practical consequences of the two major macroeconomic policy coordination mechanisms of the euro area countries (I) defects in the implementation of the two major policy coordination; For the smooth operation of the protection mechanism for the coordination of the two policies, the euro zone set up rules and punish the two line of defense, but in reality, the two line of defense Its loopholes appeared one after another. 2000 2007 - the national most euro zone fiscal deficit is higher than that of GDP3% history, among them, more than 2002~2005 in Germanys fiscal deficit for 4 consecutive years accounted for 3% of GDP; the proportion of Greeces only 2006 standard, the rest of the year in more than 3%, even up to 7.5% in 2004. After 2008, in order to cope with the international financial crisis, the euro area countries fiscal deficit rose rapidly, and generally exceeded 3% of the warning line. Not only that, in order to avoid the violation of the rules, some members reduced the debt statistics, military spending, pensions and other projects to eliminate the fiscal deficit in addition, some members with the help of financial derivatives delayed interest payments to cover up the fiscal deficit. The above facts have in effect reduced the binding force of the fiscal rules. As for the punitive measures, the stability and growth pact in 1997 introduced the (referred to as stable about the implementation steps) clearly stipulates the excessive deficit procedure, and take charge of interest free deposit punish excessive deficit country. Although the current stabilization is more flexible, it also increases the possibility of evasion of sanctions and fines. In reality, no country has been pen