An enlarged EMU? The procedural sources of fiscal policy in the new Member States
Ten new countries joined the EU in 2004, and some of them will soon also join the euro. Since their incorporation to the single currency is subject to their fulfilment of the Maastricht criteria that current members already fulfilled in 1998, this paper describes and compares these fiscal adjustments. Because fiscal consolidations vary in their timing, their duration and their composition, the article explores these dimensions and presents a model that enables us to explain such variation. Some empirical evidence pointing to the relationship between budgetary procedures and the level of fiscal discipline is shown.
Volume (Year): 1 (2006)
Issue (Month): 3 ()
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