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The Stability and Growth Pact: Stability without growth?

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Listed:
  • Catherine Mathieu

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Henri Sterdyniak

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

With the launch of economic and monetary union (EMU), a new frame-work for the conduct of economic policies in Europe has been implemented. The ECB's independence, the Stability and Growth Pact (SGP) and the focus on structural reforms show that'liberal'views have won over 'Keynesian'ones.The weaknesses of this framework soon emerged, however. The euro area remains a low growth area. Rigid rules lacking economic rationale have induced persistent tensions in Europe.

Suggested Citation

  • Catherine Mathieu & Henri Sterdyniak, 2007. "The Stability and Growth Pact: Stability without growth?," SciencePo Working papers Main hal-00972878, HAL.
    • Handle: RePEc:hal:spmain:hal-00972878
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-00972878
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    References listed on IDEAS

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    1. Franco Modigliani & Jean Paul Fitoussi & Beniamino Moro & Denis Snower & Robert Solo & Alfred Steinherr & Paolo Sylos Labini, 1999. "An Economist’s Manifesto on Unemployment in the European Union," Journal of Income Distribution, Ad libros publications inc., vol. 8(2), pages 1-1, December.
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