Empirical studies on the framework for coordination of monetary and fiscal policy in EU.

自欧元问世以来，欧洲经济稳步增长，因为欧盟内部的贸易和投资增加，来自欧盟以外地区的大量资本流入和对欧盟以外地区的出口也增加了。欧元的引入消除了欧元区内部的汇率风险，不仅带来了欧元区内部贸易的积极效应，也吸引了欧元区以外的贸易，但欧盟成员国和欧盟委员会不得不依靠宏观经济政策来维持经济稳定，因为欧盟的市场调节机制在短期和长期都没有充分发挥作用。另一方面，各国经济周期的差异也随之出现。匈牙利、捷克等新兴经济体和爱尔兰、西班牙等南方小国经济高速增长，而法国、德国等大型经济体经济低增长、高赤字，因此，我们应该在当前经济形势下探讨对欧元区宏观经济政策的评价。本文的主要研究内容是欧元区宏观经济政策框架的研究。为了研究欧元区的宏观经济政策框架，我们还着重研究了欧元区引入欧元的背景和政治因素，因为经济政策框架的构建需要政治上的主动性。其次，运用结构VAR模型对货币政策和财政政策进行了实证评价。其次，我们建议改革政策，特别是《结构增长公约》。我们的改革包括欧盟层面的财政转移，以稳定欧盟经济。最后，对欧盟地区未来的经济政策进行了展望.

European Economy has steadily grown since introduction of the Euro, because trade and investments intro EU area increased, and massive capital inflows from extra-EU area and exports to extra-EU also increased. Introduction of common currency, the Euro, which wipes out exchange rate risk for intra-Euro area, not only brings about positive effects of intra-trade, but also attracts extra-Euro area transactions.However, member countries of EU and European commission cannot help count macroeconomic policies for economic stability, because adjustment mechanism of market in EU does not sufficiently work in both short and long term. On the other hand, disparity of business cycles among between countries emerges. Economies in emerging countries such as Hungary Czech and small and southern countries such as Ireland, Spain etc. enjoyed high growth, but large economies such as France and Germany experienced low growth and high deficits.Therefore, we should discuss evaluation of macroeconomic policies in the Euro area in the current economy. Main them in our study is to investigate the framework for macroeconomic policies of the Euro area For the sake, we also focus on the background and political factors of introduction of the Euro, because political initiatives are needed for construction of economic policy framework.In our study, we firstly investigated political and historical factors of introduction of the Euro, secondly evaluated empirically monetary and fiscal policies by Structural VAR model. Next, we suggested reforms of the policies, particularly, Structural Growth Pact. Our reforms include fiscal transfer in EU level for stability in EU economy. Finally, we had look over future economic policies of EU area.