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Sobre reforma do Pacto de Estabilidade e Crescimento: Flexibilizar para cumprir?


  • Miguel Lebre de Freitas

    () (Universidade de Aveiro e NIPE)


In this article, we argue that the EMS experience, of introducing elements of flexibility, so as to overcome the initial rigidity, without deviating from the fundamental aim, may provide a relevant model for the revision of the Stability and Growth Pact (SGP). Although the specific limits being adopted are questionable, the SGP contains the necessary ingredients for an efficient budgetary rule. In particular, it assures long run discipline, allowing at the same time for short term flexibility. Setting limits to the government debt and the overall deficit, the SGP accounts reasonably for the intergenerational equity, without interfering in the level and in the composition of government expenditures, matters that shall be instead subject to democratic scrutiny. Given the merits of the rule and the recognition that, to a large extent, the current difficulties are episodic and related to the unique nature of the regime shift, we argue that a more flexible interpretation of the Excessive Deficits Procedure during the transition period may constitute an effective way of accommodating the current circumstances. Neste artigo argumentamos que a experiência do Sistema Monetário Europeu, de introduzir elementos de flexibilidade como forma de contornar a rigidez inicial, sem no entanto descurar o objectivo fundamental, constitui um modelo relevante para a revisão do Pacto de Estabilidade e de Crescimento (PEC). Apesar de os limites concretos serem discutíveis, o PEC contém os ingredientes necessários a uma regra orçamental eficiente. Nomeadamente, assegura disciplina a longo prazo proporcionando flexibilidade a curto prazo. Ao fixar limites para o défice e dívida globais, o PEC acautela razoavelmente a equidade entre gerações, sem no entanto interferir ao nível da composição da despesa, matéria essa que, em última análise, deve ser objecto de controlo democrático. Tendo em conta o mérito da regra e também o facto de, em larga medida, as dificuldades associadas à sua aplicação estarem relacionadas com o fenómeno pontual da mudança de regime, uma interpretação mais flexível do Procedimento de Défices Excessivos durante o processo de transição pode constituir uma forma eficaz de acomodar a presente situação.

Suggested Citation

  • Miguel Lebre de Freitas, 2005. "Sobre reforma do Pacto de Estabilidade e Crescimento: Flexibilizar para cumprir?," Working Papers de Economia (Economics Working Papers) 33, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
  • Handle: RePEc:ave:wpaper:332005

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    More about this item


    Política Orçamental; Pacto de Estabilidade e Crescimento; União Monetária Europeia.;

    JEL classification:

    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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