This contribution examines fiscal policy co-ordination in the Economic and Monetary Union (EMU) and discusses whether the amendments of the Stability and Growth Pact proposed in the past, some of which have since been implemented, enhance budget discipline. In doing so, it provides a detailed...

In this multidisciplinary contribution the authors argue both from a normative and economic perspective that the 2005 reform of the European Stability and Growth Pact, which is limited to an amendment of secondary Community law, cannot remedy the basic shortcomings of the rules on economic...