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Réformer le Pacte de stabilité : l'état du débat

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Author Info

  • Henri Sterdyniak

    (OFCE)

  • Catherine Mathieu

    (OFCE)

Abstract

'Reforming the Stability and Growth Pact: where do we stand ? Reforming the SPG has become a highly debated issue in Europe. This parper starts with recalling the fiscal policy framework in the euro area: the 3% of GDP limit for public deficits, stability programmes, the broad economic policy guidelines. The weaknesses of the existing procedures are addressed: the arbitary nature of th criteria, the lack of economic policy co-ordination. We discuss the propositions recently made by the Commission to strengthen its influence on national fiscal policies. We then deal with several other propositions: budgetary federalism, golden rule of public finances, budgetary policy committees, public debt rather than deficits surveillance. Finally, we present our proposal: national budgetary policies would be responsilbe for managing the inflation- production trade off, under a medium term inflation objective, while monetary policy would target interest rates.

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File URL: http://128.118.178.162/eps/mac/papers/0411/0411019.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0411019.

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Length: 35 pages
Date of creation: 26 Nov 2004
Date of revision: 07 Dec 2004
Handle: RePEc:wpa:wuwpma:0411019

Note: Type of Document - pdf; pages: 35. Text in French. Revue de l'OFCE, n° 84, janvier 2003.
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Web page: http://128.118.178.162

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  1. Marco Buti & Sylvester Eijffinger & Daniele Franco, 2003. "Revisiting the Stability and Growth Pact: grand design or internal adjustment?," European Economy - Economic Papers 180, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  2. Sachs, Jeffrey & Sala-i-Martin, Xavier, 1992. "Fiscal Federalism and Optimum Currency Areas: Evidence for Europe from the United States," CEPR Discussion Papers 632, C.E.P.R. Discussion Papers.
  3. Henri Sterdyniak & Pierre Villa & Fabrice Capoen, 1994. "Indépendance des banques centrales, politiques monétaire et budgétaire : une approche stratégique," Revue de l'OFCE, Programme National Persée, vol. 50(1), pages 65-102.
  4. Jérôme Creel & Henri Sterdyniak, 1998. "Du bon usage des politiques monétaire et budgétaire en Europe," Sciences Po publications info:hdl:2441/3181, Sciences Po.
  5. Henri Sterdyniak & Jérôme Creel, 1995. "Les déficits publics en Europe. Causes, conséquences ou remèdes à la crise ?," Revue économique, Presses de Sciences-Po, vol. 0(3), pages 645-656.
  6. Blanchard, Olivier J & Giavazzi, Francesco, 2004. "Improving the SGP Through a Proper Accounting of Public Investment," CEPR Discussion Papers 4220, C.E.P.R. Discussion Papers.
  7. Jean-Paul Fitoussi & Francesco Saraceno, 2002. "A Theory of Social Custom of Which Soft Growth May Be One Consequence. Tales of the European Stability Pact," Sciences Po publications n°2002-07, Sciences Po.
  8. Eisner, Robert, 1989. "Budget Deficits: Rhetoric and Reality," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 73-93, Spring.
  9. Thierry Latreille & Jérôme Creel & Jacques Le Cacheux, 2002. "Le pacte de stabilité et les politiques budgétaires dans l’Union Européenne," Sciences Po publications info:hdl:2441/2088, Sciences Po.
  10. Dominique Bureau & Paul Champsaur, 1992. "Fédéralisme budgétaire et unification économique européenne," Revue de l'OFCE, Programme National Persée, vol. 40(1), pages 87-99.
  11. Ludger Schuknecht, 2001. "The Implementation of the Stability and Growth Pact," OECD Journal on Budgeting, OECD Publishing, vol. 1(3), pages 81-116.
  12. Dominique Bureau & Paul Champsaur, 1992. "Fédéralisme budgétaire et unification économique européenne," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(2), pages 87-99.
  13. Bayoumi, Tamim & Masson, Paul R., 1995. "Fiscal flows in the United States and Canada: Lessons for monetary union in Europe," European Economic Review, Elsevier, vol. 39(2), pages 253-274, February.
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