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Should the EU Stability Pact be abandoned?

Author

Listed:
  • Georg Milbradt
  • Wolfgang Scherf
  • Peter Spahn
  • Hans-Hermann Francke

Abstract

In light of the current budget crises in Europe, the Stability Pact is coming under increasing discussion. Prof. Georg Milbradt, Prime Minister of the Free State of Saxony, argues that "the existing agreement must be strictly applied. The current debate on the Stability Pact is damaging both the credibility of the German Government and Germany's international reputation. The European Stability Pact must be adhered to." In contrast, both Prof. Wolfgang Scherf, University of Giessen, Prof. Hans-Hermann Francke, University of Freiburg, and the members of the European Economic Advisory Group (EEAG) have put forth proposals for alternative definitions of the stability criteria. For Prof. Peter Spahn, University of Hohenheim, on the other hand, "the debate on the stability pact distracts from the actual problems in Europe that do not consist of fiscal policy. It is primarily a failure of monetary policy that has focussed criticism on finance ministers.

Suggested Citation

  • Georg Milbradt & Wolfgang Scherf & Peter Spahn & Hans-Hermann Francke, 2002. "Should the EU Stability Pact be abandoned?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 55(22), pages 3-14, November.
    • Handle: RePEc:ces:ifosdt:v:55:y:2002:i:22:p:3-14
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    More about this item

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus

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