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Reform of the Stability and Growth Pact

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  • Ana Sabic

    (Croatian National Bank, Zagreb)

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    Abstract

    In conditions of the single monetary policy and the decentralised fiscal policy in the European Monetary Union (EMU) it is necessary for the coordination of macroeconomic policy to be strengthened. The Treaty on European Union imposes conditions that relate to the size of the budgetary deficit and the public debt as criteria for the introduction of the euro in a given country. The Stability and Growth Pact (SGP) sets the fiscal framework of the European Monetary Union based on rules underpinned by these criteria. Thus the SGP, as a kind of economic policy-coordination mechanism, has the task of ensuring fiscal discipline among the Member States of the EMU. The objective of this paper is to describe the recent reform of the Stability and Growth Pact that arose as a result of deficiencies observed in the original version of the Pact of 1997.

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    Bibliographic Info

    Article provided by Institute of Public Finance in its journal Financial Theory and Practice.

    Volume (Year): 30 (2006)
    Issue (Month): 3 ()
    Pages: 283-293

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    Handle: RePEc:ipf:finteo:v:30:y:2006:i:3:p:283-293

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    Keywords: Stability and Growth Pact; European Monetary Union; coordination of monetary and fiscal policy; fiscal rules;

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    1. Elena Flores & Gabriele Giudice & Alessandro Turrini, 2005. "The framework for fiscal policy in EMU: What future after five years of experience?," European Economy - Economic Papers 223, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
    2. Buti, Marco & Eijffinger, Sylvester C W & Franco, Daniele, 2003. "Revisiting the Stability and Growth Pact: Grand Design or Internal Adjustment?," CEPR Discussion Papers 3692, C.E.P.R. Discussion Papers.
    3. Eijffinger, S.C.W. & Buti, M. & Franco, D., 2003. "Revisiting EMU's stability pact: A pragmatic way forward," Open Access publications from Tilburg University urn:nbn:nl:ui:12-111989, Tilburg University.
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