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Paradigmenwechsel der EU-Finanzpolitik? Der Stabilitätspakt auf dem Prüfstand


  • Buchmüller, Patrik
  • Marte, Andreas


The Stability and Growth Pact (SGP) intends to increase fiscal prudence among the members of the European Monetary Union. This may be useful on grounds of political economy if national decision-making leads to inefficiently high public deficits. However, the SGP in its present form is not sufficiently stringent to prevent excessive deficits. Even worse, it is shown that its relevance is constantly eroded. To save the SGP sanctions have to be imposed if the nominal deficit criterion is violated. Relying on structurally adjusted deficits would make the SGP less transparent and reduce pressure on national governments to balance their budgets even further.

Suggested Citation

  • Buchmüller, Patrik & Marte, Andreas, 2003. "Paradigmenwechsel der EU-Finanzpolitik? Der Stabilitätspakt auf dem Prüfstand," Tübinger Diskussionsbeiträge 267, University of Tübingen, School of Business and Economics.
  • Handle: RePEc:zbw:tuedps:267

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    References listed on IDEAS

    1. Frenkel, Michael & Klein, Martin, 1991. "Fiskalpolitischer Harmonisierungszwang durch die europäische Währungsunion?," Wirtschaftsdienst – Zeitschrift für Wirtschaftspolitik (1949 - 2007), ZBW – German National Library of Economics / Leibniz Information Centre for Economics, vol. 71(3), pages 137-143.
    2. Welsch Heinz, 2000. "Domestic Fiscal Policy in a Monetary Union: What are the Spillovers? / Fiskalpolitik in einer Währungsunion: Internationale Auswirkungen," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 220(3), pages 327-342, June.
    3. Barry Eichengreen & Charles Wyplosz, 1998. "The Stability Pact: more than a minor nuisance?," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 65-113, April.
    4. Roubini, Nouriel & Sachs, Jeffrey D., 1989. "Political and economic determinants of budget deficits in the industrial democracies," European Economic Review, Elsevier, vol. 33(5), pages 903-933, May.
    5. Alberto Alesina & Roberto Perotti, 1995. "The Political Economy of Budget Deficits," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 1-31, March.
    6. Gordon, Robert J., 1989. "Comments 'political and economic determinants of budget deficits in the industrial democracies' by N. Roubini and J.D. Sachs," European Economic Review, Elsevier, vol. 33(5), pages 934-938, May.
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    More about this item


    European Monetary Union; Stability and Growth Pact; Public Deficits;

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus


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