We investigate the risk that the Stability and Growth Pact may act as a constraint on the fiscal policy of EMU Member States in three respects: a) discretionary counter-cyclical policy which finds a limit in the 3 per cent of GDP threshold set for nominal deficit; b) automatic stabilisers whose...

Resolution and Recovery Planning (RRP or “living wills”) is a new regulatory model, requiring new data, new processes, new tools, and new thinking, just as the Securities Exchange Act back in 1934 helped create modern accounting standards and reporting models. A living will is effectively a...