Capoen, Fabrice; Creel, Jerome - Centre de recherche en Économie (OFCE), Sciences … - 2007
without accountability to the voters; and
national fiscal policies were capped, within the Stability and Growth Pact (SGP … Gordon, 1983).
So far, ‘price stability’ has been reached but GDP growth has been badly oriented;
moreover, the exchange …
not only by slow growth but also by exchange-rate volatility and a procyclical behaviour of
the Euro. The benchmark …