{'fraction_non_alphanumeric': 0.023325808878856283, 'fraction_numerical': 0.007524454477050414, 'mean_word_length': 4.782608695652174, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
The Euro and Prospects for Policy Coordination

This chapter is divided into two sections. In the first, longer section, I evaluate the case for improved policy coordination with and by the euro area, which is the principal focus of the chapter. I review 10 topics and conclude that a prima facie case can be made for improvement. In the second section, I put forward 6 recommendations for how policy coordination with and by the euro area might be improved. Before moving on to substance, I cover some preliminaries. What do I mean by policy coordination? In general, I prefer a broad concept including information exchange, dialogue and shared analysis, common objectives, joint action, and endorsement of current policies (Truman 2004a, 268). However, it is useful to try to distinguish which type of policy coordination one is talking about, which I have tried to do in the first section of the chapter. What do I mean by policy coordination by and with the euro area? There is considerable policy coordination by and with the euro area today—with central institutions like the European Central Bank (ECB), with the European Commission in Brussels, and with officials in capitals of the various European countries. The issue considered here is whether more can and should be done. I am deliberately vague in the first section