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Le Pacte de stabilité et les politiques budgétaires dans l'Union européenne

Author

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  • Jérôme Creel
  • Thierry Latreille
  • Jacques Le Cacheux

Abstract

The Stability Pact imposes a 3%-of-GDP ceiling on national budget deficits. However, the yearly national stability programs describing medium-term public finance strategies, based on growth forecasts, have never been implemented in full and have had to be revised every year. In 2001, the economic slowdown has made the gap between commitments and achievements even wider. After presenting national stability programs, we offer an econometric evaluation of national fiscal policy rules in Europe and the US. This estimation also reveals the cyclical component in deficits. We then discuss ways of evaluating deficits to substitute for the current rule while maintaining reasonable discipline and credibility. We conclude that the British « golden rule », but based on the structural budget deficit excluding public investment, would dominate, avoiding pro-cyclical policies and leaving governments sufficient leeway for growth-friendly policies. JEL code : E6.

Suggested Citation

  • Jérôme Creel & Thierry Latreille & Jacques Le Cacheux, 2002. "Le Pacte de stabilité et les politiques budgétaires dans l'Union européenne," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 245-297.
  • Handle: RePEc:cai:reofsp:reof_074_0245
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    Cited by:

    1. MATHIEU Catherine & STERDYNIAK Henri, "undated". "Reforming the Stability and Growth Pact: Breaking the Ice?," EcoMod2003 330700097, EcoMod.
    2. Jérôme Creel & Éloi Laurent & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro. Institutions, incitations, stratégies," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 249-281.
    3. Catherine Mathieu & Henri Sterdyniak, 2006. "Appendix 6 : The New Member States and the Stability and Growth Pact : Needs for adapting in the prospect of euro area membership," Sciences Po publications info:hdl:2441/5081, Sciences Po.
    4. Jacques Le Cacheux & Henri Sterdyniak, 2003. "Comment améliorer les performances économiques de l'Europe ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 87(4), pages 227-253.
    5. Catherine Mathieu & Henri Sterdyniak, 2003. "Réformer le pacte de stabilité : l'état du débat," Revue de l'OFCE, Presses de Sciences-Po, vol. 84(1), pages 145-179.
    6. Bruno Ducoudre, 2008. "Structure par terme des taux d’intérêt et anticipations de la politique économique," Sciences Po publications info:hdl:2441/5221, Sciences Po.
    7. Jérôme Creel & Jacques Le Cacheux, 2006. "La nouvelle désinflation compétitive européenne," Revue de l'OFCE, Presses de Sciences-Po, vol. 98(3), pages 7-36.
    8. Virginie Traclet, 2004. "Monetary and Fiscal Policies in Canada: Some Interesting Principles for EMU?," Staff Working Papers 04-28, Bank of Canada.
    9. Adama Diaw & Mamadou Diop, 2015. "Bilan de la dévaluation du Franc CFA et du Pacte de convergence dans l’UEMOA," Economics Working Paper Archive (University of Rennes 1 & University of Caen) 201505, Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS.
    10. Catherine Mathieu & Henri Sterdyniak, 2007. "The Stability and Growth Pact: Stability without growth?," Working Papers hal-00972878, HAL.
    11. NGUENA, Christian L., 2011. "Heterogeneity of Saving-Investment Causality and Fiscal Coordination Implication: The Case of an African Monetary Union," MPRA Paper 49411, University Library of Munich, Germany, revised 31 Aug 2013.
    12. Matteo Luciani, 2004. "A VAR Model for the Analysis of the Effects of Monetary Policy in the Euro Area," Rivista di Politica Economica, SIPI Spa, vol. 94(6), pages 175-214, November-.
    13. Bruno Ducoudré, 2005. "Fiscal policy and interest rates," Documents de Travail de l'OFCE 2005-08, Observatoire Francais des Conjonctures Economiques (OFCE).
    14. Jérôme Creel & Bruno Ducoudré & Catherine Mathieu & Henri Sterdyniak, 2005. "Doit-on oublier la politique budgétaire ?. Une analyse critique de la nouvelle théorie anti-keynésienne des finances publiques," Revue de l'OFCE, Presses de Sciences-Po, vol. 92(1), pages 43-97.
    15. repec:spo:wpecon:info:hdl:2441/2086 is not listed on IDEAS
    16. repec:spo:wpecon:info:hdl:2441/2139 is not listed on IDEAS
    17. repec:spo:wpecon:info:hdl:2441/1783 is not listed on IDEAS
    18. Schalck, Christophe, 2006. "Règles Budgétaires et Gestion du Policy-Mix dans l'UEM Budgetary Rules and Management of the Policy-Mix in the UME," MPRA Paper 1434, University Library of Munich, Germany, revised Oct 2006.
    19. Harry Garretsen & Bas van Aarle & Florence Huart, 2006. "Chocs et règles de politique économique en UEM," Économie et Prévision, Programme National Persée, vol. 173(2), pages 43-63.
    20. repec:spo:wpecon:info:hdl:2441/1769 is not listed on IDEAS
    21. repec:spo:wpecon:info:hdl:2441/2085 is not listed on IDEAS

    More about this item

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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