This paper discusses the future of the Stability and Growth Pact (hereafter SGP). Although Neoclassical economic models … terms of government spending and fiscal expansion, the Economic and Monetary Union (hereafter EMU) could yield multiple … the form of fiscal federalism, such as common debt issuance (Eurobonds) that enhance the ability of the EMU to tackle the …

This paper discusses the future of the Stability and Growth Pact (hereafter SGP). Although Neoclassical economic models … terms of government spending and fiscal expansion, the Economic and Monetary Union (hereafter EMU) could yield multiple … the form of fiscal federalism, such as common debt issuance (Eurobonds) that enhance the ability of the EMU to tackle the …

analysis and the problems of public spending, debt and fiscal space. The fiscal model which was the pillar stone of the EMU …

There is consensus that the Stability and Growth Pact (SGP) needs to evolve. In this paper, we put forward reform ideas …

size of deficit taking into account the two main rules of the Stability and Growth Pact on public finance. Unlike previous … policy, where the main features characterising the policy-making are similar to those in EMU. National governments choose the …