By Hörst Tomann
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Extra info for Monetary Integration in Europe
So the credibility of European monetary policy was improved. The second dimension concerns coordination of national policies including the wage bargain. This has been considered in the Treaty by the demand to balance public budgets. That requirement clearly aims to support monetary policy. Apart from that, only weak mechanisms of coordination have been established which are not taken seriously by the national governments, in particular because they assign a role to the Commission which is not regarded with great sympathy on the national level.
Its mandate includes also other objectives, ranking second to the primary objective. So, the ECB cannot avoid value judgments. If, in a specific situation, the primary objective is evidently not in danger the central bank can take action to achieve other objectives of economic policy - and it should do so. If the ECB concludes not to pursue these objectives since it would take a small risk of inflation, this implies a value judgment. Consequently, a political responsibility remains with the ECB.
The country with comparatively aggressive trade unions - which demand high real wages - (say France) will loose its competitiveness in the internal market. On the other hand, the country with cooperative trade unions (Germany) will gain accordingly. As a consequence, an external imbalance develops, with increasing absorption in France (relative to the level of real income) and relatively decreasing absorption in Germany. If the monetary regime allows exchange rate adjustments, France could devalue its currency and thus reduce its absorption relative to real income.
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