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EU Economic Governance: Less Might Work Better Than More

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  • Karl Whelan

Abstract

The European Commission has recently proposed a new package of reforms of the Stability and Growth Pact. The package contains a number of good proposals. In particular, the increased focus on debt ratios is a very positive suggestion though this should be strengthened further. However, some of the other proposals, such as the new principle of prudent fiscal management and the scoreboard for non-fiscal imbalances, are poorly thought out and perhaps unworkable. A smaller number of well-focused proposals may end up working better than this complex, and perhaps overly ambitious, package. And a coherent policy to allow for orderly sovereign defaults in Euro area member states would probably place more pressure, via bond markets, on states to get their fiscal houses in order than would the proposed system of fines.

Suggested Citation

  • Karl Whelan, 2010. "EU Economic Governance: Less Might Work Better Than More," Working Papers 201041, School of Economics, University College Dublin.
  • Handle: RePEc:ucn:wpaper:201041
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    File URL: http://hdl.handle.net/10197/6373
    File Function: First version, 2010
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Fiscal Rules: Stocks, Flows and All That
      by Karl Whelan in The Irish Economy on 2011-12-09 20:25:40

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    Cited by:

    1. Boysen-Hogrefe, Jens & Gern, Klaus-Jürgen & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Plödt, Martin & van Roye, Björn & Scheide, Joachim & Schwarzmüller, Tim, 2015. "Das europäische Verfahren zur Vermeidung und Korrektur makroökonomischer Ungleichgewichte: Auswertung der bisherigen Erfahrung und mögliche Reformansätze," Kieler Beiträge zur Wirtschaftspolitik 7, Kiel Institute for the World Economy (IfW).

    More about this item

    Keywords

    Stability and Growth Pact; National debt; National fiscal frameworks;

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