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...

The present paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments and challenges ahead. It is structured in three...

The euro area suffers from excessive public debt, which is the primary cause of the so-called fragmentation. It should be remedied by fiscal consolidation instead of the quasi-fiscal activities of the European Central Bank, which are inconsistent with its legal status, compromise its...