Haber, GottfriedNeck, ReinhardMcKibbin, Warwick2015-12-130362-546Xhttp://hdl.handle.net/1885/93168The European Monetary Union policy was evaluated using a global macroeconomic model. Results show that the optimal design of monetary and fiscal policies in Europe cannot be derived easily. The optimization experiments in this analysis have shown that the ranking of different institutional setups for European policy making in terms of total welfare is not stable with respect to different types of shocks and different geographical magnitudes of these shocks.Keywords: Game theory; Industrial economics; Laws and legislation; Mathematical models; Public policy; Fiscal policy; Global macroeconomic model; Monetary policy; Nonlinear equations Cooperation; Dynamic games; European integration; Fiscal policy; Monetary policy; Rules200110.1016/S0362-546X(01)00288-72015-12-12