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European Policy Coordination: An Evaluation

Published online by Cambridge University Press:  17 August 2016

Gilles Oudiz
Gilles Oudiz*
Affiliation:
I.N.S.E.E.
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Extract

According to the European Community Commission the present level of unemployment in Europe should not only last but worsen in the foreseeable future (see CCE 1984). By 1988 the overall unemployment rate in Europe should reach 11,4% if the « optimistic » assumptions retained for the labor supply are to be realized.

These are of course average figures but on the whole they correctly reflect the extraordinary convergence of European deflationary policies. Given structural differences, which remain very limited when one compares them to the other Western economies, the European governments seem to have settled for the same macroeconomic strategies. Of course, they have chosen different timings. France, for example, has grown more than its partners in 1981-1982 but is now experiencing a prolonged recession. Whereas West Germany is doing better as far as GNP is concerned but grew very little in the early 80 s. On the whole however a back of the envelope calculation of « sacrifice ratios » for the leading European economies would yield quite similar results. All over Europe disinflation has been achieved at a high output cost and it is not clear that any country has really done better than its partners.

Type
PART TWO: European and Transatlantic Policy Coordination
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 51 , Issue 3-4 , December 1985 , pp. 301 - 339
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1985 

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