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Setting Medium-Term Fiscal Targets in EMU

In: The Stability and Growth Pact

Author

Listed:
  • Michael J. Artis
  • Marco Buti

Abstract

The Stability and Growth Pact, which is the backbone of fiscal policy in EMU, demands that the countries of the European Union (EU) aim for ‘medium-term objectives of budgetary positions close to balance or in surplus’. The Pact can be seen as strengthening the procedures introduced by the Maastricht Treaty, at least in relation to the deficit criterion. Its objective is to ensure that fiscal prudence, as embodied in the fiscal criteria, applies not only in the run-up to the single currency, but becomes a permanent feature of the new EMU framework.

Suggested Citation

  • Michael J. Artis & Marco Buti, 2001. "Setting Medium-Term Fiscal Targets in EMU," Palgrave Macmillan Books, in: Anne Brunila & Marco Buti & Daniele Franco (ed.), The Stability and Growth Pact, chapter 8, pages 185-203, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62926-4_8
    DOI: 10.1057/9780230629264_8
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    Citations

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    Cited by:

    1. Elena Gennari & Raffaela Giordano & Sandro Momigliano, 2005. "Dealing with Unexpected Shocks to the Budget," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 61(2), pages 201-219, July.
    2. Blanchard, Olivier & Giavazzi, Francesco, 2004. "Improving the SGP Through a Proper Accounting of Public Investment," CEPR Discussion Papers 4220, C.E.P.R. Discussion Papers.
    3. 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.
    4. René Cabral-Torres, "undated". "Monetary and Fiscal Policy Coordination," Discussion Papers 05/28, Department of Economics, University of York.
    5. Masten, Igor & Grdović Gnip, Ana, 2016. "Stress testing the EU fiscal framework," Journal of Financial Stability, Elsevier, vol. 26(C), pages 276-293.
    6. Leopold Diebalek & Doris Prammer, 2006. "Reform of the Stability and Growth Pact," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 78-109.
    7. Iain Begg & Waltraud Schelkle, 2004. "Can Fiscal Policy Co‐ordination be Made to Work Effectively?," Journal of Common Market Studies, Wiley Blackwell, vol. 42(5), pages 1047-1059, December.
    8. Olga Francová & Ermal Hitaj & John Goossen & Robert Kraemer & Andreja Lenarčič & Georgios Palaiodimos, 2021. "EU fiscal rules: reform considerations," Discussion Papers 17, European Stability Mechanism, revised 25 Oct 2021.

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