Prior to EMU, fiscal policy within the EU was disciplined by the threat of exclusion of the single currency; post-EMU, discipline has been exerted through the provisions of the Stability and Growth Pact. In this paper, we contrast the discipline induced by the two separate regimes on three...

Die Europäische Wirtschafts- und Währungsunion steht am Scheideweg. Einige Mitgliedstaaten leiden unter Verschuldung und hohen Kapitalmarktzinsen. Der strukturelle Reformbedarf ist enorm. Zu Beginn der Krise noch undenkbar fordern manche eine Fiskalunion mit vergemeinschafteter...

Economic and Monetary Union (EMU) can be characterised as a complicated set of legislation and institutions governing monetary and fiscal responsibilities.The measures of fiscal responsibility are to be guided by the Stability and Growth Pact (SGP), which sets rules for fiscal policy and makes a...