The Stability and Growth Pact has recently been under close examination on the grounds that, rather than being …. Hence, the surge of pro-cyclicality cannot be associated directly with the adoption of the EU fiscal framework. … associated with a neutral fiscal policy stance over the business cycle, it may have induced pro-cyclicality during downturns …

After an in-depth review of the Stability and Growth Pact, the authors of this CEPS Policy Brief conclude that there is …

for New Member States. Loosening of the Stability and Growth Pact (SGP) and a growing degree of arbitrariness in its … the income levels of EU-15 countries …

In this paper, we consider how European institutions contributed to the euro crisis. In principle, the Stability and … Growth Pact was intended to minimize externalities by preventing macro-economic "bad behavior" in the form of large budget …

changes in inflation on fiscal policy. We find evidence of non-linear short-term effects of HICP inflation on the primary … an inflation turning point - beyond which its short-term (contemporaneous) impact on the primary balance starts being … the whole sample of euro area countries in 2022 (EA-19). Using an alternative measure of "inflation surprise" (available …

modification of the Stability and Growth Pact. The present article confirms the negative correlation of the rate of real output … the assessment of the Ecofin Council. The markets would be receptive to such a change if the EU instituted clear new rules …