EMU's Decentralized System of Fiscal Policy

EMU@10 Research

In May 2008, it will be ten years since the final decision to move to the third and final stage of
Economic and Monetary Union (EMU), and the decision on which countries would be the first to
introduce the euro. To mark this anniversary, the Commission is undertaking a strategic review of
EMU. This paper constitutes part of the research that was either conducted or financed by the
Commission as source material for the review.

Economic Papers are written by the Staff of the Directorate-General for Economic and Financial
Affairs, or by experts working in association with them. The Papers are intended to increase awareness
of the technical work being done by staff and to seek comments and suggestions for further analysis.
The views expressed are the author’s alone and do not necessarily correspond to those of the European
Commission. Comments and enquiries should be addressed to:

European Commission

Directorate-General for Economic and Financial Affairs

Publications

B-1049 Brussels

Belgium

E-mail: [email protected]

This paper exists in English only and can be downloaded from the website
http://ec.europa.eu/economy finance/publications

A great deal of additional information is available on the Internet. It can be accessed through the
Europa server (http://europa.eu)

ISBN 978-92-79-08231-3

doi: 10.2765/39342

© European Communities, 2008

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