IDEAS home Printed from https://ideas.repec.org/a/bla/jcmkts/v43y2005i5p985-1008.html
   My bibliography  Save this article

The Stability and Growth Pact ‐ Theorizing a Case in European Integration

Author

Listed:
  • MARTIN HEIPERTZ
  • AMY VERDUN

Abstract

This article looks at the Stability and Growth Pact (SGP) as a case study in European integration. Applying the theoretical lenses of various European integration approaches (intergovernmentalism, domestic politics, neofunctionalism and an ‘expertocratic’ approach) it seeks to explain the creation of the SGP as well as its subsequent implementation. The findings show that these approaches are able to illuminate different parts of the process. The article thus argues that only an eclectic combination of the approaches provides a satisfactory theoretical explanation of the SGP as a fundamental element of the rules‐based economic and monetary union (EMU) regime.

Suggested Citation

  • Martin Heipertz & Amy Verdun, 2005. "The Stability and Growth Pact ‐ Theorizing a Case in European Integration," Journal of Common Market Studies, Wiley Blackwell, vol. 43(5), pages 985-1008, December.
    • Handle: RePEc:bla:jcmkts:v:43:y:2005:i:5:p:985-1008
    DOI: 10.1111/j.1468-5965.2005.00605.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1468-5965.2005.00605.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1468-5965.2005.00605.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Artis, Michael & Winkler, Bernhard, 1998. "The Stability Pact: Safeguarding the Credibility of the European Central Bank," National Institute Economic Review, National Institute of Economic and Social Research, vol. 163, pages 87-98, January.
    2. Dyson, Kenneth, 2000. "The Politics of the Euro-Zone: Stability or Breakdown?," OUP Catalogue, Oxford University Press, number 9780199241644.
    3. Dyson, Kenneth & Featherstone, Kevin, 1999. "The Road To Maastricht: Negotiating Economic and Monetary Union," OUP Catalogue, Oxford University Press, number 9780198296386.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Győrffy, Dóra, 2008. "Költségvetési kiigazítás és növekedés az Európai Unióban. Tanulságok Magyarország számára [Budget adjustment and growth in the European Union lessons for Hungary]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 962-986.
    2. Ngai, Victor, 2012. "Stability and Growth Pact and Fiscal Discipline in the Eurozone," Working Papers 12-10, University of Pennsylvania, Wharton School, Weiss Center.
    3. Daniel Seikel, 2016. "Flexible Austerity and Supranational Autonomy. The Reformed Excessive Deficit Procedure and the Asymmetry between Liberalization and Social Regulation in the EU," Journal of Common Market Studies, Wiley Blackwell, vol. 54(6), pages 1398-1416, November.
    4. Donato Di Carlo & Oscar Molina, 2024. "Same same but different? The Mediterranean growth regime and public sector wage-setting before and after the sovereign debt crisis," European Journal of Industrial Relations, , vol. 30(1), pages 31-53, March.
    5. Hooper, Keith & Kearins, Kate, 2008. "The walrus, carpenter and oysters: Liberal reform, hypocrisy and expertocracy in Maori land loss in New Zealand 1885–1911," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 19(8), pages 1239-1262.
    6. Paul Schure & Amy Verdun, 2008. "Legislative Bargaining in the European Union," European Union Politics, , vol. 9(4), pages 459-486, December.
    7. Carlos Closa & Aleksandra Maatsch, 2014. "In a Spirit of Solidarity? Justifying the European Financial Stability Facility (EFSF) in National Parliamentary Debates," Journal of Common Market Studies, Wiley Blackwell, vol. 52(4), pages 826-842, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Scharpf, Fritz W., 2001. "What have we learned? Problem-solving capacity of the multilevel European polity," MPIfG Working Paper 01/4, Max Planck Institute for the Study of Societies.
    2. Dimitrios Argyroulis, 2023. "The European Semester: An Ordoliberal Construct?," Journal of Common Market Studies, Wiley Blackwell, vol. 61(1), pages 143-160, January.
    3. Anton Hemerijck, 2016. "New EMU governance: Not (yet) ready for social investment?," Working Papers of the Vienna Institute for European integration research (EIF) 1, Institute for European integration research (EIF).
    4. Singleton,John, 2010. "Central Banking in the Twentieth Century," Cambridge Books, Cambridge University Press, number 9780521899093.
    5. van Riet, Ad, 2015. "Market-preserving fiscal federalism in the European Monetary Union," MPRA Paper 77772, University Library of Munich, Germany.
    6. Jörg Bibow, 2018. "How Germany’s anti-Keynesianism has brought Europe to its knees," International Review of Applied Economics, Taylor & Francis Journals, vol. 32(5), pages 569-588, September.
    7. Marzia Romanelli & Pietro Tommasino & Emilio VadalÃ, 2022. "The future of European fiscal governance: a comprehensive approach," Questioni di Economia e Finanza (Occasional Papers) 691, Bank of Italy, Economic Research and International Relations Area.
    8. Sophie Jacquot & Cornelia Woll, 2003. "Usage of European Integration - Europeanisation from a Sociological Perspective," SciencePo Working papers Main hal-01019642, HAL.
    9. Bernhard Winkler, 1999. "Co-ordinating Stability: Some Remarks on the Roles of Monetary and Fiscal Policy under EMU," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 26(3), pages 287-295, September.
    10. Jorg Bibow, 2015. "The Euro's Savior? Assessing the ECB's Crisis Management Performance and Potential for Crisis Resolution," Economics Working Paper Archive wp_845, Levy Economics Institute.
    11. Luca Fornaro, 2022. "A Theory of Monetary Union and Financial Integration," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(4), pages 1911-1947.
    12. Scharpf, Fritz W., 2011. "Monetary union, fiscal crisis and the preemption of democracy," MPIfG Discussion Paper 11/11, Max Planck Institute for the Study of Societies.
    13. Francesco Mongelli, 1999. "The Effects of the European Economic and Monetary Union (EMU) on National Fiscal Sustainability," Open Economies Review, Springer, vol. 10(1), pages 31-61, February.
    14. Kowalski, Tadeusz & Pietrzykowski, Maciej, 2010. "The economic and monetary union vs. shifts in competitiveness of member states," MPRA Paper 33995, University Library of Munich, Germany.
    15. Schäfer, David, 2016. "A banking union of ideas? The impact of ordoliberalism and the vicious circle on the EU banking union," LSE Research Online Documents on Economics 65875, London School of Economics and Political Science, LSE Library.
    16. Eichengreen, Barry & Naef, Alain, 2022. "Imported or home grown? The 1992–3 EMS crisis," Journal of International Economics, Elsevier, vol. 138(C).
    17. Scharpf, Fritz W., 2012. "Legitimacy intermediation in the multilevel European polity and its collapse in the euro crisis," MPIfG Discussion Paper 12/6, Max Planck Institute for the Study of Societies.
    18. Scott L. Greer, 2015. "States, Debt & Power: ‘Saints’ & ‘Sinners’ in European History & Integration, by Kenneth Dyson," Publius: The Journal of Federalism, CSF Associates Inc., vol. 45(3), pages 1-10.
    19. Michael J. Artis & Marco Buti, 2000. "‘Close‐to‐Balance or in Surplus’: A Policy‐Maker's Guide to the Implementation of the Stability and Growth Pact," Journal of Common Market Studies, Wiley Blackwell, vol. 38(4), pages 563-591, November.
    20. repec:hal:wpspec:info:hdl:2441/1422 is not listed on IDEAS
    21. Ivo Maes & Lucia Quaglia, 2003. "The process of european monetary integration: a comparison of the belgian and italian approaches," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 56(227), pages 299-335.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jcmkts:v:43:y:2005:i:5:p:985-1008. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0021-9886 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.