rules are not necessary. This paper investigates whether the European Union's main fiscal rule, the Stability and Growth … Pact, could be substituted by the financial markets, taking into account also the effects of the latest financial and …

Public debt has increased sharply during the financial and economic crisis. The European stability and growth pact … inadequate. Nonetheless, the current debate about reforming the stability and growth pact is dominated by proposals that endorse … pro-posals and then presents its own concept of a revised stability and growth pact. Here the focus is on current account …

recessions. Since the agreement on the "Stability and Growth Pact" by the European Council in Dublin in December 1996, interest … in this issue has increased significantly. The Stability and Growth Pact, which sets the rules for budgetary behaviour in … flexibility could be allowed. The rules laid out in the Stability and Growth Pact are used in this paper as a benchmark to …

This paper evaluates the Stability and Growth Pact. After briefly examining the rules in place and the experience so … fiscal policy rules in place. Reform of the Pact should aim at stricter, instead of more flexible, rules and should not rely …

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 …

This paper evaluates the Stability and Growth Pact. After examining the rules in place and the experience so far, the … and small countries are likely to adhere to fiscal policy rules in place. Furthermore, the impact of the business cycle on … fiscal policy outcomes is analysed. Finally, the proposals of the European Commission to strengthen the Pact are discussed. …

This paper analyses the underlying reasons for the creation of the Stability and Growth Pact (SGP) and its subsequent … Germany in the realm of monetary integration in the EU. It concludes that a set of commonly held beliefs together with a …

the framework. Fiscal policy would be tighter when inflation is above the target but looser when inflation is below target …Regarding a prospective reform of the European Stability and Growth Pact (SGP) it seems rather consensual that a … expenditure growth targets which take account of the ECB's symmetric 2% inflation target can improve the cyclical properties of …