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The Stability Pact - Rationales, Problems, Alternatives

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We analyze economic rationales for, and possible alternatives to, the Stability and Growth Pact (SGP). We identify various cross-country spillover effects and domestic policy failures as potential rationales. The two sets of problems suggest different corrective measures, and different measures than those applied in the context of SGP. We contrast the “legalistic” perspective adopted in the Pact with a more incentive-based approach and discuss how the legalistic perspective gives rise to enforcement problems in connection with the implementation of the SGP’s sanctions.

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Bibliographic Info

Paper provided by Swiss National Bank, Study Center Gerzensee in its series Working Papers with number 06.03.

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Length: 18 pages
Date of creation: Jun 2006
Date of revision:
Handle: RePEc:szg:worpap:0603

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Cited by:
  1. Vyprachticka, Terezie, 2011. "Could the Stability and Growth Pact be Substituted by the Financial Markets?," European Integration online Papers (EIoP), European Community Studies Association Austria (ECSA-A), vol. 15, 09.
  2. Niclas Berggren, 2012. "The Calculus of Consent: some Swedish connections," Public Choice, Springer, vol. 152(3), pages 313-321, September.

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