Comparison Of Eu And Turkish Fiscal Policies

8503 words - 34 pages

TABLE OF CONTENTSPages21. INTRODUCTION 32. EUROPEAN UNION FISCAL POLICY 32.1. Issues about Fiscal Policy 52.2.1. The Relationship between Monetary and Fiscal Policies in EMU 62.2.2. The Interaction of Fiscal with Monetary Policy in EMU 72.2.3. Interface Between Fiscal and Monetary Policies in EMU 82.2.4. The current fiscal rules 92.2.5. Plan for reforming the fiscal rules 102.3. The Effectiveness of Fiscal Policy in EMU 112.3.1. Effectiveness on Growth 122.3.2. Effectiveness on Inflation 142.3.3. The Stability And Growth Pact 152.4. Fiscal Federalism in Europe 164. STABILIZATION PROGRAMS IN TURKEY TO ADJUST EU FISCAL POLICY REQUIREMENTS (1980-2006) 164.1. 1980 Stabilization Program 174.2. 1994 Stabilization Programme and the 16th Standby Agreement 214.3. 1998 IMF Staff Monitoring Programme 224.4. 1999 Programme and the 17th Standby Agreement 244.5 Economic Crisis of 2000-2001 264.6. Strengthening the Turkish Economy and the 18th Standby Agreement 284.7 Inflation Targeting Strategy and the 19th Standby Agreement 295. COMPARISON OF TURKSISH AND EU FISCAL POLICIES 295.1. Taxation in Fiscal Policy 315.2. Effect of Tax Policies on Employment and Labor Costs 33CONCLUSION 34REFERENCES 1. INTRODUCTIONThere is no precise and universally agreed definition of economic union. However, since the publication of the Delors Report, its definition has been widely used. Paragraph 25 of the Delors Report lists, somewhat arbitrarily, fo ur basic components that form core of the economic dimension of unification:1. The single market within which persons, goods, services and capital can move freely;2. Competition policy and other measures aimed at strengthening market mechanisms;3. Common policies aimed at structural change and regional development; and4. Macroeconomic policy coordination including binding rules for budgetary policies.The first two components are part of the definition of economic union generally accepted by economists. Progress in these two are as is already assured since the internal market program is well on schedule since it has been fully operational as of 1 January 1993. It is also beyond doubt that the creation of a single market with an authority to enforce competitive structures yields economic benefits.It is also true enough that the initial legislative program for 1992 is not sufficient to ensure the aim of a perfectly integrated. market. The 1987 Single European Act aiming at the creation of a Single European Market did not contain provisions for common policies in areas where an intervention by the Community is justified by the existence of important international and external effects, such as network infrastructures or research and development. In this way, by providing further are as for common policymaking, EMU should make it easier to perfect the original internal market program. These elements are, however, uncontroversial and of only limited significance when compared with the other components of economic union.The third component...

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