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Fiscal Policy Coordination and the Stability and Growth Pact

In: Monetary Integration in Europe

Author

Listed:
  • Horst Tomann

    (Freie Universitaet (FU) Berlin)

Abstract

The establishment of a monetary union in Europe has created a new ‘assignment problem’, that is the roles assigned to the institutions of economic and monetary policy had to be redefined. Chapter 5 analyses how this assignment problem has been resolved. First it addresses the basic conflict of fiscal policy, the conflict of discipline and flexibility. On the one hand, fiscal discipline in public budgets back up the credibility of monetary policy. On the other hand, fiscal policy should be able to respond flexibly to asymmetric shocks. The chapter then describes the coordination rules of the Stability and Growth Pact and its amendments and evaluates fiscal policies in the Economic and Monetary Union.

Suggested Citation

  • Horst Tomann, 2017. "Fiscal Policy Coordination and the Stability and Growth Pact," Studies in Economic Transition, in: Monetary Integration in Europe, edition 2, chapter 5, pages 81-104, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-319-59247-3_5
    DOI: 10.1007/978-3-319-59247-3_5
    as

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