While current instruments of EU economic policy coordination helped stave off a full-scale depression, the post-2007 … global financial and economic crisis has revealed a number of weaknesses in the Stability and Growth Pact, the EU framework … account of the reform proposals adopted by the Commission on 29 September 2010. In our view, the current system of EU rules is …

The cyclically adjusted budget balance (CAB) plays a key role in the EU fiscal surveillance framework. It started off … partly met. The everyday practice of the EU fi scal surveillance rapidly revealed a number of caveats of the CAB which, at … fortunes of the CAB in the EU fiscal surveillance framework. It portrays its main shortcomings and the way they are dealt with …