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The SGP and the ‘Golden Rule’

In: The Stability and Growth Pact

Author

Listed:
  • Fabrizio Balassone
  • Daniele Franco

Abstract

The slowdown in growth in 1998 and its possible implications for the level of unemployment raised worries and doubts concerning the fiscal rules set in the Treaty of Maastricht and in the Stability and Growth Pact. It has been argued that these rules may represent an excessively binding constraint for appropriate counter-cyclical action and that the attempt to reach rapidly a budget position ‘close to balance or in surplus’ may worsen the slowdown. The risk that the rules may permanently reduce the public sector’s contribution to capital accumulation has also been pointed out.

Suggested Citation

  • Fabrizio Balassone & Daniele Franco, 2001. "The SGP and the ‘Golden Rule’," Palgrave Macmillan Books, in: Anne Brunila & Marco Buti & Daniele Franco (ed.), The Stability and Growth Pact, chapter 15, pages 371-393, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62926-4_15
    DOI: 10.1057/9780230629264_15
    as

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