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Four Essays and a Funeral: Budgetary Arithmetic under the Maastricht Treaty

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Author Info
Hughes Hallett, Andrew
McAdam, Peter

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Abstract

This paper analyses four popular themes in the debate about the transition to monetary union: (a) fiscal discipline creating gains in credibility; (b) there being perceptible risk of a bail out for the highly indebted countries; (c) budgets being successfully cut to the required 3% limit in conditions of low growth and low inflation; and (d) the convergence criteria actually being mutually consistent. The usual accounting identities show the first two effects are likely to be small or non-existent, whereas the second two are unlikely to be satisfied.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1505.

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Date of creation: Dec 1996
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Handle: RePEc:cpr:ceprdp:1505

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Related research
Keywords: Convergence Criteria Credibility Debt and Deficit Ratios

Find related papers by JEL classification:
E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization
F15 - International Economics - - Trade - - - Economic Integration
H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management

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