Muscatelli, Anton; Natale, Piergiovanna; Tirelli, Patrizio - CESifo - 2003
ceilings envisaged in the Stability and Growth Pact. We advocate the adoption of deficit targets. National governments should …There have been widespread criticisms of EMU fiscal institutions. We consider a simple alternative to the deficit … changes are required to current EMU institutions. Our scheme performs well in comparison with existing reform proposals and is …