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L’euro, il patto di stabilità e di crescita e la sua riforma
[The euro, the stability and growth pact and its reform]

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  • Schilirò, Daniele

Abstract

This contribution concerns the European monetary union and single currency, the eur. It addresses the issue of the Stability and Growth Pact and its recent reform by the European Council in March 2005. The debate on the reform of the Pact has focused on the contrast between rules and discretion, and, in particular, the role of fiscal policy, but also on its effect in respect of the ECB's monetary policy. The debate revealed a substantial lack of consensus on fiscal policy. Differences on the conduct of fiscal policy focused on the objectives, instruments and institutions. However, the reform of the Stability and Growth Pact tends to give precedence to an attitude of greater discretion in the conduct of fiscal policy by Member States. This paper highlights the significant critical point, in the new version of the Pact, to tolerate implicitly possible fiscal deficits that can be systematically higher in the euro area countrie. It also underlines the unresolved conflict between two important institutions: the Commission and the Council, and the need for independent institutions that are able to enforce tax rules.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 37333.

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Date of creation: Dec 2006
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Handle: RePEc:pra:mprapa:37333

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Keywords: Patto di Stabilità e Crescita; politica fiscale; euro; Unione monetaria europea;

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References

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  1. Guido Tabellini & Alberto Alesina, 1988. "Voting on the Budget Deficit," UCLA Economics Working Papers 539, UCLA Department of Economics.
  2. Eichengreen, Barry, 1990. "Is Europe an Optimum Currency Area?," CEPR Discussion Papers 478, C.E.P.R. Discussion Papers.
  3. Schilirò Daniele, 2005. "Padoa Schioppa T. (2004), "La lunga via per l'euro"," Economia politica, Società editrice il Mulino, issue 1, pages 161-166.
  4. Schilirò, Daniele, 2001. "Occupazione e disoccupazione in Italia e in Europa negli anni novanta
    [Employment and unemployment in Italy and Europe in the nineties]
    ," MPRA Paper 36527, University Library of Munich, Germany.
  5. von Hagen, Jurgen & Eichengreen, Barry, 1996. "Federalism, Fiscal Restraints, and European Monetary Union," American Economic Review, American Economic Association, vol. 86(2), pages 134-38, May.
  6. Michael Woodford, 2001. "Fiscal Requirements for Price Stability," NBER Working Papers 8072, National Bureau of Economic Research, Inc.
  7. Schilirò, Daniele, 2002. "I criteri del Trattato di Maastricht, l’Europa e l’euro: debito pubblico in Italia e crescita
    [The criteria of the Maastricht Treaty, Europe and the euro: public debt in Italy and growth]
    ," MPRA Paper 36333, University Library of Munich, Germany.
  8. Bergin, Paul R., 2000. "Fiscal solvency and price level determination in a monetary union," Journal of Monetary Economics, Elsevier, vol. 45(1), pages 37-53, February.
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Citations

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Cited by:
  1. Daniele SCHILIRÒ, 2013. "The Crisis of Euro's Governance: Institutional Aspects and Policy Issues," Chapters of Financial Aspects of Recent Trends in the Global Economy book, in: Rajmund Mirdala (ed.), Financial Aspects of Recent Trends in the Global Economy, volume 2, chapter 9, pages 151-163 ASERS Publishing.
  2. Schilirò, Daniele, 2012. "A new governance for EMU and the economic policy framework," MPRA Paper 47454, University Library of Munich, Germany.
  3. Schilirò, Daniele, 2007. "La crescita in Italia dopo l’euro: quali riforme?
    [Growth in Italy after the euro: which reforms?]
    ," MPRA Paper 39482, University Library of Munich, Germany.

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