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The Stability and Growth Pact: Stability without growth?

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Listed:
  • Catherine Mathieu

    (Observatoire français des conjonctures économiques)

  • Henri Sterdyniak

    (Observatoire français des conjonctures économiques)

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?," Sciences Po publications info:hdl:2441/5468, Sciences Po.
  • Handle: RePEc:spo:wpmain:info:hdl:2441/5468
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    References listed on IDEAS

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    1. Jérôme Creel & Henri Sterdyniak, 1995. "Les déficits publics en Europe : causes, conséquences ou remèdes à la crise ?," Revue de l'OFCE, Programme National Persée, vol. 54(1), pages 57-100.
    2. 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, Journal of Income Distribution, vol. 8(2), pages 1-1, December.
    3. Jorg Bibow, 2005. "Germany in crisis: the unification challenge, macroeconomic policy shocks and traditions, and EMU," International Review of Applied Economics, Taylor & Francis Journals, vol. 19(1), pages 29-50.
    4. Joerg Bibow, 2006. "Inflation Persistence and Tax-Push Inflation in Germany and in the Euro Area: A Symptom of Macroeconomic Mismanagement?," IMK Studies 01-2006, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    5. Jörg Bibow, 2001. "Making EMU Work: Some Lessons from the 1990s," Macroeconomics 0103008, University Library of Munich, Germany.
    6. Jorg Bibow, 2001. "Making EMU Work: Some Lessons from the 1990s," Economics Working Paper Archive wp_326, Levy Economics Institute.
    7. Jérôme Creel & Thierry Latreille & Jacques Le Cacheux, 2002. "Le Pacte de stabilité et les politiques budgétaires dans l'Union européenne," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 245-297.
    8. Jorg Bibow, 2001. "Making EMU Work: Some lessons from the 1990s," International Review of Applied Economics, Taylor & Francis Journals, vol. 15(3), pages 233-259.
    9. Bernard Delbecque, 2003. "Le Pacte de stabilité européen : une nécessité à court et à long terme," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 13, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
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