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Réformer le Pacte de stabilité : l'état du débat

Author

Listed:
  • Henri Sterdyniak

    (OFCE)

  • Catherine Mathieu

    (OFCE)

Abstract

'Reforming the Stability and Growth Pact: where do we stand ? Reforming the SPG has become a highly debated issue in Europe. This parper starts with recalling the fiscal policy framework in the euro area: the 3% of GDP limit for public deficits, stability programmes, the broad economic policy guidelines. The weaknesses of the existing procedures are addressed: the arbitary nature of th criteria, the lack of economic policy co-ordination. We discuss the propositions recently made by the Commission to strengthen its influence on national fiscal policies. We then deal with several other propositions: budgetary federalism, golden rule of public finances, budgetary policy committees, public debt rather than deficits surveillance. Finally, we present our proposal: national budgetary policies would be responsilbe for managing the inflation- production trade off, under a medium term inflation objective, while monetary policy would target interest rates.

Suggested Citation

  • Henri Sterdyniak & Catherine Mathieu, 2004. "Réformer le Pacte de stabilité : l'état du débat," Macroeconomics 0411019, EconWPA, revised 07 Dec 2004.
  • Handle: RePEc:wpa:wuwpma:0411019
    Note: Type of Document - pdf; pages: 35. Text in French. Revue de l'OFCE, n° 84, janvier 2003.
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    References listed on IDEAS

    as
    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. repec:spo:wpecon:info:hdl:2441/3181 is not listed on IDEAS
    3. Blanchard, Olivier J & Giavazzi, Francesco, 2004. "Improving the SGP Through a Proper Accounting of Public Investment," CEPR Discussion Papers 4220, C.E.P.R. Discussion Papers.
    4. Buti, Marco & Eijffinger, Sylvester C.W. & Franco, Daniele, 2003. "Revisiting the stability and growth pact: grand design or internal adjustment?," Seminarios y Conferencias 6567, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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    6. Jean-Paul Fitoussi & Francesco Saraceno, 2002. "A Theory of Social Custom of Which Soft Growth May Be One Consequence. Tales of the European Stability Pact," Documents de Travail de l'OFCE 2002-07, Observatoire Francais des Conjonctures Economiques (OFCE).
    7. Jérôme Creel & Henri Sterdyniak, 1998. "Du bon usage des politiques monétaire et budgétaire en Europe," Revue d'Économie Financière, Programme National Persée, vol. 45(1), pages 167-196.
    8. Bayoumi, Tamim & Masson, Paul R., 1995. "Fiscal flows in the United States and Canada: Lessons for monetary union in Europe," European Economic Review, Elsevier, vol. 39(2), pages 253-274, February.
    9. Ludger Schuknecht, 2002. "The Implementation of the Stability and Growth Pact," OECD Journal on Budgeting, OECD Publishing, vol. 1(3), pages 81-116.
    10. Fabrice Capoen & Henri Sterdyniak & Pierre Villa, 1994. "Indépendance des banques centrales, politiques monétaire et budgétaire : une approche stratégique," Revue de l'OFCE, Programme National Persée, vol. 50(1), pages 65-102.
    11. Cécile Denis & Kieran Mc Morrow & Werner Röger, 2002. "Production function approach to calculating potential growth and output gaps - estimates for the EU Member States and the US," European Economy - Economic Papers 2008 - 2015 176, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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    13. Xavier Sala-i-Martin & Jeffrey Sachs, 1991. "Fiscal Federalism and Optimum Currency Areas: Evidence for Europe From the United States," NBER Working Papers 3855, National Bureau of Economic Research, Inc.
    14. Marco Buti & Gabriele Giudice, 2002. "Maastricht's Fiscal Rules at Ten: An Assessment," Journal of Common Market Studies, Wiley Blackwell, vol. 40(5), pages 823-848, December.
    15. 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.
    16. Eisner, Robert, 1989. "Budget Deficits: Rhetoric and Reality," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 73-93, Spring.
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    Cited by:

    1. Alexandru Minea & P. Villieu, 2010. "Dette publique, croissance et bien-être : une perspective de long terme," Post-Print halshs-00672605, HAL.
    2. Catherine Mathieu & Henri Sterdyniak, 2010. "European Debt Crisis and Fiscal Exit Strategies," Sciences Po publications 2010-11, Sciences Po.
    3. Catherine Mathieu & Henri Sterdyniak, 2007. "Comment expliquer les disparités économiques dans l'UEM ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 315-352.
    4. Catherine Mathieu & Henri Sterdyniak, 2012. "Faut-il des règles de politique budgétaire ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(7), pages 299-346.
    5. Jacques Le Cacheux & Henri Sterdyniak, 2003. "Comment améliorer les performances économiques de l'Europe ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 87(4), pages 227-253.
    6. Catherine Mathieu & Henri Sterdyniak, 2013. "Do we need fiscal rules?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 189-233.
    7. Adama Diaw & Mamadou Diop, 2015. "Bilan de la dévaluation du Franc CFA et du Pacte de convergence dans l’UEMOA," Economics Working Paper Archive (University of Rennes 1 & University of Caen) 201505, Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS.
    8. Patrick Villieu, 2011. "Quel objectif pour la dette publique à moyen terme ?," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 79-98.
    9. repec:cmj:journl:y:2013:i:27:vutaa is not listed on IDEAS
    10. Florence Huart & Bas Van Aarle & Harry Garretsen, 2006. "Chocs et règles de politique économique en UEM," Economie & Prévision, La Documentation Française, vol. 0(2), pages 43-63.
    11. Catherine Mathieu & Henri Sterdyniak, 2014. "Redemption?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 51-91.
    12. Catherine Mathieu & Henri Sterdyniak, 2007. "How to Deal With Economic Divergences in EMU?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 4(2), pages 281-307.
    13. Mariana VUŢĂ, 2013. "From The Rules Of Stability And Growth Pact At Six – Pack: Financial Certainty," SEA - Practical Application of Science, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 1, pages 230-235, June.
    14. Jérôme Creel & Bruno Ducoudré & Catherine Mathieu & Henri Sterdyniak, 2005. "Doit-on oublier la politique budgétaire ?. Une analyse critique de la nouvelle théorie anti-keynésienne des finances publiques," Revue de l'OFCE, Presses de Sciences-Po, vol. 92(1), pages 43-97.
    15. Catherine Mathieu & Henri Sterdyniak, 2011. "Finances publiques, sorties de crise…," Sciences Po publications info:hdl:2441/5l6uh8ogmqi, Sciences Po.
    16. repec:dau:papers:123456789/12010 is not listed on IDEAS
    17. repec:dau:papers:123456789/5515 is not listed on IDEAS
    18. André Grjebine, 2013. "L’Eurosystème: un mécanisme de transferts en faveur des pays déficitaires ? Le débat," Sciences Po publications info:hdl:2441/eo6779thqgm, Sciences Po.
    19. Jérôme Creel & Jacques Le Cacheux, 2006. "La nouvelle désinflation compétitive européenne," Revue de l'OFCE, Presses de Sciences-Po, vol. 98(3), pages 7-36.
    20. Jean-Marie Monnier & Bruno Tinel, 2006. "Endettement public et redistribution en France de 1980 à 2004," Cahiers de la Maison des Sciences Economiques r06006, Université Panthéon-Sorbonne (Paris 1).

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    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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