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European
Economic Perspectives 2
December 1993
IN
THIS ISSUE...
Institutions
and Markets
Europe must focus on institutional design post-Maastricht.
Balance
of Power
Subsidiarity is a reasonable principle but too vague. It cannot
replace detailed assessment of policies on a case-by-case basis.
Sensible
Centralization
EC merger policy has the right amount of centralization, but not
enough transparency.
Building
the EMI
The EMI must use its independence to define its roles.
Banking
on Independence
An independent central bank provides a monetary anchor, but no
single formula for independence suits all countries.
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