Beetsma, Roel; Debrun, Xavier - C.E.P.R. Discussion Papers - 2005
current debate about the SGP. Specifically, greater ‘procedural’ flexibility in the implementation of existing rules may … improve welfare, thus making the Pact more easily acceptable to euro area Member States. Here, procedural flexibility … increase the benefits from greater procedural flexibility. Overall, we establish that a fiscal pact based on a simple deficit …