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Main Aspects of the Working of the SGP

In: The Stability and Growth Pact

Author

Listed:
  • António J. Cabral

Abstract

The Stability and Growth Pact (SGP) has attracted much attention since the idea was first floated by Finance Minister Waigel late in 1995. Naturally, as highlighted in Chapters 2 and 3 above, there is not an unanimous view on the Pact: for some it is not necessary; for others the Pact is necessary but the way it was built is not satisfactory; finally, there are also those who consider that the Pact is a sinister construction which will, necessarily, lead to ever-increasing unemployment in the EU. This chapter will not focus on these issues; indeed it is our firm conviction that the full benefits of the single currency can only be harvested if fiscal discipline, which remains under the responsibility of each individual member state, is secured. The author of this chapter therefore belongs to those who consider that the Pact is a positive, if not fundamental, complement to the Maastricht Treaty (Cabral, 1997). This does not mean that the implementation of the Pact is not without problems and difficulties.

Suggested Citation

  • António J. Cabral, 2001. "Main Aspects of the Working of the SGP," Palgrave Macmillan Books, in: Anne Brunila & Marco Buti & Daniele Franco (ed.), The Stability and Growth Pact, chapter 6, pages 139-157, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62926-4_6
    DOI: 10.1057/9780230629264_6
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    Citations

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    Cited by:

    1. Szapáry, György & Orbán, Gábor, 2004. "A stabilitási és növekedési paktum az új tagállamok szemszögéből [The Stabilization and Growth Pact in the light of the new EU member-states]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 810-831.
    2. Orban, Gabor & Szapary, Gyorgy, 2004. "The Stability and Growth Pact from the perspective of the new member states," Journal of Policy Modeling, Elsevier, vol. 26(7), pages 839-864, October.
    3. Jonas Fischer & Lars Jonung & Martin Larch, 2007. "101 Proposals to reform the Stability and Growth Pact. Why so many? A Survey," European Economy - Economic Papers 2008 - 2015 267, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    4. Sell, Friedrich L., 2003. "Die Stabilitätsprogramme der EU: Anspruch und Wirklichkeit in den ersten vier Jahren der Europäischen Währungsunion," Working Papers in Economics 2003,2, Bundeswehr University Munich, Economic Research Group.
    5. Mr. Marcos Poplawski Ribeiro & Jan-Christoph Rülke, 2011. "Fiscal Expectations Under the Stability and Growth Pact: Evidence from Survey Data," IMF Working Papers 2011/048, International Monetary Fund.

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