Against the commonly accepted view that in the run-up to EMU the Maastricht fiscal restraints were quite effective in re-aligning public finances in Member States that were showing large excessive deficits, Strauch and von Hagen stress that there are some objections concerning this initial sign...

This volume provides a unique insight into the ways local governments have maintained financial resilience in the face of the significant challenges posed by the era of austerity. Taking an international perspective, it provides an enlightening and practical analysis of the different capacities...

Front Cover -- Governmental Financial Resilience: International Perspectives on How Local Governments Face Austerity -- Copyright Page -- Contents -- List of Contributo rs -- Chapter 1 Introduction: Governments and Crises -- Studying crises and austerity in the public sector -- An alternative...

The `Excessive Deficit Procedure' of the Maastricht Treaty on Economic and Monetary Union proposes two fiscal convergence conditions for entry and continued membership in the EMU: 1) a country's overall budget deficit for each fiscal year must be equal to or below 3% of GDP, and 2) a country's...