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The Stability and Growth Pact – Germanising the Euro

Author

Listed:
  • Ruth Hoekstra
  • Cecile Horstmann
  • Juliane Knabl
  • Derek Kruse
  • Sarah Wiedemann

Abstract

The Stability and Growth Pact (SGP) was agreed upon by the European Union Member States in 1997 to maintain and enforce fiscal discipline in the EU. Applying the agenda-theory approach, this paper seeks to explain how the German government was influenced by domestic actors such as the German Central Bank, parties, labour unions, and employers' associations during the negotiations. The evolution of the SGP was strongly influenced by the ideas, interests and ideologies of the German media democracy. Our findings show that the SGP constituted a political instrument that was implemented to overcome the German public's scepticism of a united Europe. While many of the domestic actors played critical roles during the process, the German Central Bank, assisted by the Federal Government, was of paramount importance during the negotiations. Germany's leading role in the SGP negotiations can be explained by the European-wide acceptance of its exemplary decades-long stabilisation policy.

Suggested Citation

  • Ruth Hoekstra & Cecile Horstmann & Juliane Knabl & Derek Kruse & Sarah Wiedemann, 2008. "The Stability and Growth Pact – Germanising the Euro," International Journal of Public Policy, Inderscience Enterprises Ltd, vol. 3(1/2), pages 100-117.
    • Handle: RePEc:ids:ijpubp:v:3:y:2008:i:1/2:p:100-117
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    Cited by:

    1. Lila J. Truett & Dale B. Truett, 2011. "Whither Germany and the EMU In a Challenging Environment?," Working Papers 0019, College of Business, University of Texas at San Antonio.

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