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Social exclusion and macro-economic policy in Europe: a problem of dynamic and spatial change

South Bank University, UK, and Bank of Finland, David.Mayes{at}bof.fi

This article assesses whether macroeconomic developments in Europe will assist the reduction of social exclusion under EMU. It concludes that the objectives of the Lisbon Council will be difficult to meet. Enlargement, ageing and the `new economy' may alter projections but more rapid structural change has adverse asymmetric effects on average and regional unemployment. As increased public spending can have disincentive effects, combating exclusion needs to focus on building `capabilities' to participate in society and economic activity. However, constraints from EMU are largely illusory. Although problems might arise if the fiscal policies adopted by different countries pull in different directions, these can be attenuated by sensible coordination mechanisms.

Key Words: asymmetry • Economic and Monetary Union • policy coordination • public spending • social exclusion

Journal of European Social Policy, Vol. 12, No. 3, 195-209 (2002)
DOI: 10.1177/0952872002012003393


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