Morris, Richard; Ongena, Hedwig; Schuknecht, Ludger - European Central Bank - 2006
actually discipline government behaviour. The Maastricht Treaty and the Stability and Growth Pact established such a rules … threaten the smooth functioning of Economic and Monetary Union (EMU). Ideally, fiscal rules should combine characteristics such …-based framework for fiscal polices in EMU. However, the implementation of the Pact was less than fully satisfactory. One year ago, the …