This paper discusses the future of the Stability and Growth Pact (hereafter SGP). Although Neoclassical economic models argue that strict fiscal and monetary rules minimize moral hazard and crowding out, in practice many governments adopt fiscal expansion (in recent years in the form of...

The book tackles a key issue for the European Union: Fiscal Federalism. It evaluates the applicability of this theoretical perspective for the EU. Conversely, it pinpoints ways in which the diversity of existing fiscal settings and organisations, both at national and European levels, can throw...