The aim of the paper is to analyse the Stability and Growth Pact of EMU in a two-country model of monetary union with rational expectations and with spillovers of macroeconomic policies between the countries. The paper concentrates on tax policy, and shows that the results on optimal policy...

The study investigates the level of coordination between the fiscal and monetary authorities in the WAMZ countries and its implications for the attainment of the inflation and fiscal deficit criteria. To achieve this objective, the study utilizes the Set Theoretic Approach (STA) and the vector...

The standardisation of the European systems of national accounts has progressed significantly in recent years. Some room for interpretation remains in regard to some accounting standards, the periodicity of the data, and the quality of the forecasts of budget deficits. Yet national accounts data...

The cyclically adjusted budget balance (CAB) plays a key role in the EU fiscal surveillance framework. It started off in a supporting role in the shadow of the headline defi cit and, before long, turned into the linchpin of the rules of the Stability and Growth Pact. The steep ascent was driven...

The present paper first takes a step backwards with an attempt to situate the adoption of this Treaty in discussion of the SGP and the "Maastricht criteria" (the criteria for EMU membership fixed in the Maastricht Treaty) in a longer perspective of the sharing of competences for macroeconomic...