The Stability Pact: Safeguarding the Credibility of the European Central Bank
AbstractThe ‘Stability Pact’ agreed at the Dublin Summit in December 1996 and concluded at the Amsterdam European Council in June 1997 prescribes sanctions for countries that breach the Maastricht deficit ceiling in stage three of European Monetary Union. This paper explores possible motivations for the Stability Pact as an incentive device for fiscal discipline and as a partial substitute for policy coordination and a common ‘stability culture’.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1688.
Date of creation: Aug 1997
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