By Philip Arestis, Malcolm Sawyer (eds.)
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Ii) The ECB must be made accountable to the European Parliament, and its statutes changed so that it can clearly be involved in the coordination of fiscal and monetary policies, and indeed that ultimately it can take instructions from other European bodies such as ECOFIN. There are some other changes which would also be desirable. Any reference to the growth of the money supply should be discarded in recognition that a central bank cannot in any way control the growth of the money supply. The development of alternative instruments of monetary policy should also be considered.
12. 13. Alternative Perspectives on Economic Policies in the European Union ruthless pursuit of price stability harms economic growth and well-being. Research even questions whether targeting price stability reduces the tradeoff between inflation and unemployment’ (Stiglitz, 2003). See Forder (2000) for an extensive discussion and critique of the notion of credibility. The March 2003 issue of the ECB’s Monthly Bulletin puts it as follows: ‘the outlook for the euro area economy could be significantly improved if governments strengthen their efforts to implement structural reforms in labour and product markets.
Achieving full employment The achievement of full employment does require an appropriate high level of aggregate demand. This translates into some combination of increased demand for consumption, for investment, for public expenditure and for exports. Whether such a level of aggregate demand would require a substantial budget deficit inevitably depends on what happens to the other sources of demand in the equation. But a high level of aggregate demand is only one condition for the achievement of full employment.