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Réformer le pacte de stabilité : l'état du débat

Author

Listed:
  • Catherine Mathieu
  • Henri Sterdyniak

Abstract

Reforming the SGP has become a highly debated issue in Europe. This paper 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 arbitrary nature of the 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 responsible for managing the inflation-production trade off, under a medium term inflation objective, while monetary policy would target interest rates. JEL code : E6.

Suggested Citation

  • 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.
    • Handle: RePEc:cai:reofsp:reof_084_0145
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    Cited by:

    1. Alexandru Minea & Patrick Villieu, 2010. "Dette publique, croissance et bien-être : une perspective de long terme," Post-Print halshs-00672605, HAL.
    2. 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 & University of Caen) 201505, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
    3. Patrick Villieu, 2011. "Quel objectif pour la dette publique à moyen terme ?," Revue d'Économie Financière, Programme National Persée, vol. 103(3), pages 79-98.
    4. repec:spo:wpmain:info:hdl:2441/5l6uh8ogmqildh09h61k4apsn is not listed on IDEAS
    5. Catherine Mathieu & Henri Sterdyniak, 2014. "Redemption?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 51-91.
    6. 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.
    7. Jean-Marie Monnier & Bruno Tinel, 2006. "Endettement public et redistribution en France de 1980 à 2004," Cahiers de la Maison des Sciences Economiques r06006, Université Panthéon-Sorbonne (Paris 1).

    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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