Current developments in Greece make clear that the rules of the European Stability and Growth Pact (SGP) were neither strict enough nor enforced strictly enough. To deal with the ongoing exit from the fiscal crisis and its related phenomena, we propose a new framework for fiscal policy...

In the run-up to the Intergovernmental Conference of the Member States of the EU in 1996, criticism of the convergence criteria laid down in the Maastricht Treaty selection and the scope left for interpretation is becoming ever vociferous. Will the shortcomings be rectified if, as demanded by...