caa a22 4500 378939475 CHVBK 20180305123648.0 cr unu---uuuuu 161128e20041217xx s 000 0 eng 10.2202/1524-5861.1027 doi (NATIONALLICENCE)gruyter-10.2202/1524-5861.1027 One Welfare State for Europe: A Costly Utopia? [Elektronische Daten] [Peter Hennessy, Thierry Warin] This paper addresses the question of the social policy harmonization in the European Union. In adopting a common monetary policy, Europe is faced with structural and fiscal concerns, as national growth levels differ. Another possible factor in output shocks are the levels of various social expenditures in the member countries. OECD data on the level of social program expenditures in four EU countries will be compared to fluctuations in GDP growth to identify existing relationships. Significant relationships between independent social expenditure policy and GDP growth shocks suggest structural harmonization as an improvement if Europe is to take full advantage of the common market. However, the effects of expenditure levels may be easier to identify and predict than the dynamic effects of policy change. As the effects of future policy changes are more difficult to ascertain, harmonization may not consistently appear to be a Pareto-optimum solution to asymmetric shocks. ©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston Europe nationallicence welfare state nationallicence coordination nationallicence integration nationallicence Hennessy Peter Federal Reserve Bank of New York, peter.hennessy@ny.frb.org aut Warin Thierry Assistant Professor of Economics, Fellow-in-Residence at the Rohatyn Center for International Affairs, Middlebury College, thierry.warin@polymtl.ca aut Global Economy Journal De Gruyter 4/2(2004-12-17) 4:2 2004 4 gej https://doi.org/10.2202/1524-5861.1027 text/html Onlinezugriff via DOI 1 research article jats NATIONALLICENCE 856 40 https://doi.org/10.2202/1524-5861.1027 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Hennessy Peter Federal Reserve Bank of New York, peter.hennessy@ny.frb.org aut NATIONALLICENCE 700 1- Warin Thierry Assistant Professor of Economics, Fellow-in-Residence at the Rohatyn Center for International Affairs, Middlebury College, thierry.warin@polymtl.ca aut NATIONALLICENCE 773 0- Global Economy Journal De Gruyter 4/2(2004-12-17) 4:2 2004 4 gej CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-gruyter