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The EU Stability Pact and the Case for European Monetary Union

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  • Neary, J.P.

Abstract

Along with other prospective EMU members, the Irish government is now commited to the "Stability and Growth Pact", which proposes heavy penalties for countries whose deficit-to-GDP ratios breach certain stipulated conditions. Agreement on the broad outlines on the Pact of Dublin Summit of 13-14 december 1996 was hailed as a triumph of Irish diplomacy. But most academic economists have expressed grave misgivings about the Pact, even those who are pro-EMU. In this paper I want to explain why I believe the majority is right and why the Pact strenghens the argument for postponing Irish entry to EMU until the UK also joins.

Suggested Citation

  • Neary, J.P., 1997. "The EU Stability Pact and the Case for European Monetary Union," Papers 97/28, College Dublin, Department of Political Economy-.
  • Handle: RePEc:fth:dublec:97/28
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    Keywords

    EUROPEAN MONETARY SYSTEM ; IRELAND;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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