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 … rule. This ensures fiscal discipline and leaves room for stabilisation policies. For the rule to be credible, only small …

France, Germany, Italy, and the United Kingdom during the period of the Stability and Growth Pact (SGP). Our findings … Italian national fiscal authorities seems not to have increased significantly during the SGP. …'s and market experts’ deficit forecasts also increased in France, Italy, and the United Kingdom, particularly during the …

The Stability and Growth Pact has been a success in numerous EU countries, especially in guiding them toward underlying …, and reliant on a form of fiscal governance that emphasizes targets and contracts. Most of the new members share these … characteristics. For the countries less compatible with the Pact, domestic governance reforms that increase the reputational costs for …

European Union, and clarified in the Stability and Growth Pact (SGP), are probably the most contentious. The SGP as always …Ever since its inception EMU has been subject to controversy. The fiscal policy rules embedded in the Treaty on … being accused of being too rigid and of forcing procyclicality in fiscal policy. However, in an influential paper Galí and …

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 … deficits. In practice, it has had a difficult history, with several Member States running "excessive deficits" and the Pact …

The failure of the Raffarin Government to respect the Stability and Growth Pact (Stability Pact, SP), its call for the … Pact's reconceptualisation, reform of the management of the Euro-zone's monetary policy and EU-level reflation should be … stability' function of GE as embodied by the Maastricht Treaty rules on convergence and the SP has been consistently …

Making and Breaking the Rules: French policy on EU 'gouvernement économique' and the Stability and Growth Pact David … Stability and Growth Pact (Stability Pact, SP), its call for the Pact's reconceptualisation, reform of the management of the … objectives of the Maastricht Treaty and the Stability and Growth Pact (Stability Pact – SP) rules (to prevent the unsustainable …

The paper analyzes some key policy trade-offs involved in the implementation of the Stability and Growth Pact. Greater …. Budgetary opaqueness may hinder the qualitative assessment of fiscal policy; therefore, better monitoring and greater … "procedural" flexibility in the Pact's implementation may improve welfare. Procedural flexibility designates the enforcer's room …

No 2006 – 06 March A Dynamic Perspective for the Reform of the Stability and Growth Pact _____________ Christian … Deubner A Dynamic Perspective for the Reform of the Stability and Growth Pact _____________ Christian Deubner No 2006 – 06 … March A Dynamic Perspective for the Reform of the Stability and Growth Pact 3 TABLE OF CONTENTS SUMMARY …