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A Política Orçamental no Quadro do Pacto de Estabilidade e Crescimento na Zona Euro: Um Contributo Crítico




With the political decision which lays the groundwork for the process leading to the European Monetary Union (EMU), the member states in order to participate in this Union, have to respect some conditions, particularly, the «nominal convergence determined in the Treaty of Maastricht in 1992. However, in the EMU, the member states will be required to comply the Treaty of Maastricht and Stability and Growth Pact (Amsterdan, 1997) budgetary rules, while, the monetary and exchange rate policies are commons and centralized in the European Central Bank (ECB). Those limitations on the conduct of fiscal policies are closely related with the appearance of «asymmetric shocks» in the economy of a member state.

Suggested Citation

  • António Ferraz, 2002. "A Política Orçamental no Quadro do Pacto de Estabilidade e Crescimento na Zona Euro: Um Contributo Crítico," NIPE Working Papers 3/2002, NIPE - Universidade do Minho.
  • Handle: RePEc:nip:nipewp:3/2002

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