L’euro, il patto di stabilità e di crescita e la sua riforma
[The euro, the stability and growth pact and its reform]
This contribution concerns the European monetary union and single currency, the eur. It addresses the issue of the Stability and Growth Pact and its recent reform by the European Council in March 2005. The debate on the reform of the Pact has focused on the contrast between rules and discretion, and, in particular, the role of fiscal policy, but also on its effect in respect of the ECB's monetary policy. The debate revealed a substantial lack of consensus on fiscal policy. Differences on the conduct of fiscal policy focused on the objectives, instruments and institutions. However, the reform of the Stability and Growth Pact tends to give precedence to an attitude of greater discretion in the conduct of fiscal policy by Member States. This paper highlights the significant critical point, in the new version of the Pact, to tolerate implicitly possible fiscal deficits that can be systematically higher in the euro area countrie. It also underlines the unresolved conflict between two important institutions: the Commission and the Council, and the need for independent institutions that are able to enforce tax rules.
|Date of creation:||Dec 2006|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Barry Eichengreen, 1991.
"Is Europe an Optimum Currency Area?,"
NBER Working Papers
3579, National Bureau of Economic Research, Inc.
- Eichengreen, Barry, 1990. "Is Europe an Optimum Currency Area?," CEPR Discussion Papers 478, C.E.P.R. Discussion Papers.
- Eichengreen, Barry, 1990. "Is Europe an Optimum Currency Area?," Department of Economics, Working Paper Series qt40m5g6pp, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Barry Eichengreen., 1990. "Is Europe an Optimum Currency Area?," Economics Working Papers 90-151, University of California at Berkeley.
- Bergin, Paul R., 2000. "Fiscal solvency and price level determination in a monetary union," Journal of Monetary Economics, Elsevier, vol. 45(1), pages 37-53, February.
- von Hagen, Jurgen & Eichengreen, Barry, 1996. "Federalism, Fiscal Restraints, and European Monetary Union," American Economic Review, American Economic Association, vol. 86(2), pages 134-138, May.
- Schilirò Daniele, 2005. "Padoa Schioppa T. (2004), "La lunga via per l'euro"," Economia politica, Società editrice il Mulino, issue 1, pages 161-166.
- Schilirò, Daniele, 2002.
"I criteri del Trattato di Maastricht, l’Europa e l’euro: debito pubblico in Italia e crescita
[The criteria of the Maastricht Treaty, Europe and the euro: public debt in Italy and growth]," MPRA Paper 36333, University Library of Munich, Germany.
- Alesina, Alberto F & Tabellini, Guido, 1988.
"Voting on the Budget Deficit,"
CEPR Discussion Papers
269, C.E.P.R. Discussion Papers.
- Guido Tabellini & Alberto Alesina, 1988. "Voting on the Budget Deficit," UCLA Economics Working Papers 539, UCLA Department of Economics.
- Alberto Alesina & Guido Tabellini, 1988. "Voting on the Budget Deficit," NBER Working Papers 2759, National Bureau of Economic Research, Inc.
- Tabellini, Guido & Alesina, Alberto, 1990. "Voting on the Budget Deficit," Scholarly Articles 4553030, Harvard University Department of Economics.
- Michael Woodford, 2001.
"Fiscal Requirements for Price Stability,"
NBER Working Papers
8072, National Bureau of Economic Research, Inc.
- Schilirò, Daniele, 2001.
"Occupazione e disoccupazione in Italia e in Europa negli anni novanta
[Employment and unemployment in Italy and Europe in the nineties]," MPRA Paper 36527, University Library of Munich, Germany.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:37333. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.