Evaluación de la reforma del pacto de estabilidad y crecimiento: ¿nuevo y mejor?

In spite of the recent reform of the Stability and Growth Pact (SGP) and the fact that some of the questions raised by those who criticised the initial framework for fiscal discipline may have been considered, the discussion on the implementation of binding fiscal rules in the European Monetary Union is still a matter of important controversy in both academic and political fields. The objective of this paper is to evaluate the changes contained in the reformed SGP by taking into consideration the properties for “ideal” fiscal rules put forward by Kopits and Symansky. Our analysis points towards a clear increase in flexibility together with the probable emergence of new enforcement problems and no advances in terms of the coordination of more effective fiscal policies. In this context, we discuss the need for new improvements within the European framework for the definition and implementation of national fiscal policies.