IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

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

Listed author(s):
  • Jérôme Creel
  • Thierry Latreille
  • Jacques Le Cacheux

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.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: free

File URL:
Download Restriction: free

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 83 bis (2002)
Issue (Month): 5 ()
Pages: 245-297

in new window

Handle: RePEc:cai:reofsp:reof_074_0245
Contact details of provider: Web page:

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:cai:reofsp:reof_074_0245. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire)

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 references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.

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

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.