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The 'Sense and Nonsense of Maastricht' Revisited: What Have we Learnt about Stabilization in EMU?

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  • WILLEM H. BUITER

Abstract

This retrospective argues that old criticisms of the Stability and Growth Pact survive intact, but emphasizes two further features. First, the Pact imposes constraints on national fiscal autonomy, but there are no clear cross-border externalities that warrant debt and deficit limits. Second, the Pact cannot address E(M)U-wide stabilization and the fiscal-monetary policy mix. Copyright 2006 Blackwell Publishing Ltd.

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Article provided by Wiley Blackwell in its journal JCMS: Journal of Common Market Studies.

Volume (Year): 44 (2006)
Issue (Month): (November)
Pages: 687-710

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Handle: RePEc:bla:jcmkts:v:44:y:2006:i::p:687-710

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Cited by:
  1. Óscar Afonso & Rui Henrique Alves, 2006. "“To Deficit or Not to Deficit”: Should European Fiscal Rules Differ Among Countries?," FEP Working Papers 219, Universidade do Porto, Faculdade de Economia do Porto.
  2. Fabrice Capoen & Jerome Creel, 2007. "Efficiency of stability-oriented institutions: the European case," Documents de Travail de l'OFCE 2007-06, Observatoire Francais des Conjonctures Economiques (OFCE).
  3. Fiorella Kostoris Padoa Schioppa, 2006. "The 2005 Reform of the Stability and Growth Pact: Too Little, Too Late?," Bruges European Economic Research Papers 6, European Economic Studies Department, College of Europe.
  4. Rui Henrique Alves & Óscar Afonso, 2006. "The “New” Stability and Growth Pact: More Flexible, Less Stupid?," FEP Working Papers 218, Universidade do Porto, Faculdade de Economia do Porto.
  5. Konrad Szelag, 2008. "A Single Fiscal Policy in the Euro Area: Vision or Utopia?," National Bank of Poland Working Papers 46, National Bank of Poland, Economic Institute.
  6. Ioannou, Demosthenes & Stracca, Livio, 2011. "Have euro area and EU economic governance worked? Just the facts," Working Paper Series 1344, European Central Bank.
  7. Buti, Marco & Sapir, André, 2006. "Fiscal Policy in Europe: The Past and Future of EMU Rules from the Perspective of Musgrave and Buchanan," CEPR Discussion Papers 5830, C.E.P.R. Discussion Papers.
  8. Buiter, Willem H, 2008. "Economic, Political, and Institutional Prerequisites for Monetary Union Among the Members of the Gulf Cooperation Council," CEPR Discussion Papers 6639, C.E.P.R. Discussion Papers.
  9. repec:spo:wpecon:info:hdl:2441/2977 is not listed on IDEAS
  10. International Monetary Fund, 2008. "Inflation Differentials in the EU," IMF Working Papers 08/21, International Monetary Fund.

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