Özet:

The article investigates the relationship between ECB 's monetary policy, SGP constrained fiscal policies of EMU members, the growth levels and the members' social development pattern embodied as income distribution. Panel co integration analysis is employed for the period between 1999 and 2008 in search for the impact of economic and monetary unification of the first 12 EMU members on the increasing income inequality. The results of the empirical analysis show that both the monetary policy of ECB and the restrained fiscal policies of the EMU members have negative effects on income equality. The findings also suggest that growth has positive effect on income distribution but the pace ofGDP growth is declining in EMU. Keywords: Monetary Policy, Fiscal Policy, Income Distribution, Models with Panel Data

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