01644cas a2200241 a 4500 AALejournalIMF010065 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451965278 1018-5941 BD-DhAAL BD-DhAAL International Monetary Fund. Economic and Monetary Union in Europe and Constraintson National Budgetary Policies. Washington, D.C. : International Monetary Fund, 1990. 1 online resource (24 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper reviews the pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an Economic and Monetary Union (EMU) in Europe. The issue is approached from three angles: the influence of EMU on (i) budget discipline; (ii) intergenerational equity and intertemporal efficiency; and (iii) macroeconomic stabilization. The desirability of constraints on budgetary policy is related to the arrangements for EMU-wide monetary policy, the credibility of a no-bailout clause among member states, and progress in the area of supply-side policies. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1990/060 Full text available on IMF http://elibrary.imf.org/view/journals/001/1990/060/001.1990.issue-060-en.xml IMF e-Library