Feld, Lars P.; Kirchgässner, Gebhard - 2004
the
European Union (EU) where the Stability and Growth Pact (SGP) as a follow-up to the fiscal
convergence criteria of … the Maastricht Treaty requires EU member states to keep budget defi-
cits below 3 percent of GDP and public debt below 60 … federal level.
In Germany, this situation has led to a national stability pact.
The discussion in the EU is not unique. In …