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

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  • Hughes Hallett, Andrew
  • McAdam, Peter

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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Bibliographic Info

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;

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Cited by:
  1. Heipertz, Martin, 2003. "The Stability and Growth Pact - Not the best but better than nothing. Reviewing the debate on fiscal policy in Europe's Monetary Union," MPIfG Working Paper 03/10, Max Planck Institute for the Study of Societies.

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