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Policy Assessment of the European Central Bank and the Stability and Growth Pact’s Echo of the Conventional Wisdom on Budget Management


  • William E. Ginn

    (East Carolina University)


This paper provides an in-depth normative analysis in two parts: 1) ECB monetary policy focusing on credibility, accountability, transparency, flexibility, and both goal and instrument independence; 2) Theoretical analysis of discrepancies of the Stability and Growth Pact rules vs. discretionary framework that is comprised of the conventional view on budget deficits and how budget deficit targeting creates a procyclical and endogenous policy.

Suggested Citation

  • William E. Ginn, 2004. "Policy Assessment of the European Central Bank and the Stability and Growth Pact’s Echo of the Conventional Wisdom on Budget Management," International Finance 0402004, EconWPA.
  • Handle: RePEc:wpa:wuwpif:0402004
    Note: Type of Document - word doc; prepared on WinXP; to print on HP Deskjet Series; pages: 30; figures: Within Document

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    Central Bank Credibility; Accountability; Flexibility; Ricardian Equivalence;

    JEL classification:

    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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