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EJCE Year: 2022, June. Volume: 19 - Issue: 1

Unemployment and inflation in the European Monetary Union: A new approach?

by Nicola Acocella

Start page: 3 - End page: 29

Keywords: Unemployment, Inflation, EMU, Next Generation EU

Jel code: E24; E31; F33

DOI: 10.25428/1824-2979/009

Abstract:

The paper deals first with the characters of unemployment and inflation and their trend in the EMU. Then it underlines that EMU’s institutions tend to reduce inflation to a minimum, while limiting fiscal interventions at the national and the European level. The policies implemented recently represent some kind of a novel line of conduct of the EU, as they introduce a rise in the EU budget, release some constraints to national fiscal policies and foresee issuance of common bonds. Judging from these policies a legitimate question is whether the pandemic has been a game-changer, as EU interventions represent some kind of a novel line of conduct of the EU. The issue then arises whether this novelty will be followed by a retreat to the course of rules preceding the pandemic (or, worse, by disintegration of the Union) or some kind of confirmation of the new course - even a relaunch - of the EU.

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