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Reforming the Stability and Growth Pact

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  • Anthony Annett
  • Jörg Decressin
  • Michael Deppler
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    Abstract

    A rules-based fiscal framework, such as the EU’s Stability and Growth Pact (SGP), can be an important bulwark against short-sighted policies. Although policies have improved following the SGP’s adoption, shortcomings remain. These, however, are rooted in the policies rather than the rules, where few changes seem necessary. Specifically, the Excessive Deficit Procedure needs a stronger focus on policies rather than outcomes, while staying operationally simple and transparent. Furthermore, reforms are needed to foster time-consistent national policies, budgetary transparency, and ownership of the Pact. Accordingly, parliaments should debate national Stability Programs and national fiscal councils should review these programs for parliaments.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Policy Discussion Papers with number 05/2.

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    Length: 28
    Date of creation: 01 Feb 2005
    Date of revision:
    Handle: RePEc:imf:imfpdp:05/2

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    Cited by:
    1. Anthony Annett, 2006. "Enforcement and the Stability and Growth Pact," IMF Working Papers 06/116, International Monetary Fund.
    2. Erik J. Lundbäck, 2008. "Medium-Term Budgetary Frameworks," IMF Working Papers 08/163, International Monetary Fund.

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