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CEPR, Macroeconomic Policy Advice and the Article IV Consultations: A European Union Case Study

CEPR, Macroeconomic Policy Advice and the Article IV Consultations: A European Union Case Study

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Published by George Payne
This content analysis finds a consistent pattern of policy recommendations, which indicates (1) a macroeconomic policy that focuses on reducing spending and shrinking the size of government, in many cases regardless of whether this is appropriate or necessary, or may even exacerbate an economic downturn; and (2) a focus on other policy issues that would tend to reduce social protections for broad sectors of the population (including public pensions, health care, and employment protections), reduce labor’s share of national income, and possibly increase poverty, social exclusion, and economic and social inequality as a result.
This content analysis finds a consistent pattern of policy recommendations, which indicates (1) a macroeconomic policy that focuses on reducing spending and shrinking the size of government, in many cases regardless of whether this is appropriate or necessary, or may even exacerbate an economic downturn; and (2) a focus on other policy issues that would tend to reduce social protections for broad sectors of the population (including public pensions, health care, and employment protections), reduce labor’s share of national income, and possibly increase poverty, social exclusion, and economic and social inequality as a result.

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Categories:Types, Research
Published by: George Payne on Jan 30, 2013
Copyright:Attribution Non-commercial

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07/05/2014

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Macroeconomic Policy Adviceand the Article IV Consultations:
A European Union Case Study
Mark Weisbrot and Helene Jorgensen
 January 2013
Center for Economic and Policy Research
1611 Connecticut Avenue, NW, Suite 400Washington, D.C. 20009202-293-5380www.cepr.net
 
 
CEPR
Macroeconomic Policy Advice and the Article IV Consultations
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Contents
  Austria ............................................................................................................................................................................ 24Belgium .......................................................................................................................................................................... 25Bulgaria .......................................................................................................................................................................... 26Cyprus ............................................................................................................................................................................ 27Czech Republic ............................................................................................................................................................. 27Denmark ........................................................................................................................................................................ 29Estonia ........................................................................................................................................................................... 29Finland ........................................................................................................................................................................... 30France ............................................................................................................................................................................. 31Germany ........................................................................................................................................................................ 32Greece ............................................................................................................................................................................ 33Hungary.......................................................................................................................................................................... 33Ireland ............................................................................................................................................................................ 34Italy ................................................................................................................................................................................. 34Latvia .............................................................................................................................................................................. 36Lithuania ........................................................................................................................................................................ 36Luxembourg .................................................................................................................................................................. 37
 
CEPR
Macroeconomic Policy Advice and the Article IV Consultations

 3
Malta ............................................................................................................................................................................... 38Netherlands ................................................................................................................................................................... 38Poland ............................................................................................................................................................................ 39Portugal .......................................................................................................................................................................... 40Romania ......................................................................................................................................................................... 41Slovakia .......................................................................................................................................................................... 41Slovenia .......................................................................................................................................................................... 42Spain ............................................................................................................................................................................... 42Sweden ........................................................................................................................................................................... 43United Kingdom ........................................................................................................................................................... 44
cknowledgements
 The authors would like to thank the following people for helpful reviews and helpful comments:Prakash Loungani, economists from the European Department of the International Monetary Fund,Iyanatul Islam, Peter Bakvis, Dean Baker, Anis Chowdhury, David Kucera, Simon Wren-Lewis,Uma Rani Amara, and Dianne Holland. The authors also thank the International Labor Organization for their funding and support for thisproject.
bout the Authors
Mark Weisbrot is an economist and Co-Director, and Helene Jorgensen is a Senior Research Associate at the Center for Economic and Policy Research, in Washington D.C.

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