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The Stability and Growth Pact by A. Brunila,M. Buti,D. Franco Pdf
The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The contributions in this volume analyse the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications. The authors include academic economists, who provide insightful analysis, and policy makers who have contributed to the shaping of the pact and have a direct responsibility for its implementation. This book is the definitive source of reference on the SGP for academics, policy makes and economists.
Reforming the Stability and Growth Pact by Mr.Michael Deppler,Mr.Anthony Annett,Mr.Jörg Decressin Pdf
A rules-based fiscal framework, such as the EU’s Stability and Growth Pact (SGP), can be an important bulwark against short-sighted policies. Although policies have improved following the SGP’s adoption, shortcomings remain. These, however, are rooted in the policies rather than the rules, where few changes seem necessary. Specifically, the Excessive Deficit Procedure needs a stronger focus on policies rather than outcomes, while staying operationally simple and transparent. Furthermore, reforms are needed to foster time-consistent national policies, budgetary transparency, and ownership of the Pact. Accordingly, parliaments should debate national Stability Programs and national fiscal councils should review these programs for parliaments.
Between Growth and Stability by Leila Simona Talani,Bernard Casey Pdf
Very comprehensive and based on a detailed economic and political analysis, Between Growth and Stability is clearly a vital book for both students and seasoned economists. . . Thomas Bauwens, Bibliothèque Européenne Combining economic and political science perspectives, this timely and important book describes and analyses the circumstances and events leading to the demise and subsequent reform of the Stability and Growth Pact (SGP). Between Growth and Stability aims to find a solution to the dilemmas posed by fiscal policy coordination in the context of a single currency area, as well as contrasting the alternative heuristic frameworks and theoretical perspectives employed. It focuses particularly on the question of credibility, its definition and its meaning in the day-to-day workings of economic and monetary union. The book examines the actual performance of the SGP and proposes ways in which the integrity of European fiscal rule making might be improved in the future. This book will be essential reading for policymakers, politicians, members of European institutions and international organizations. The in-depth analysis will also be invaluable to scholars of international relations and economics, as well as undergraduate and postgraduate students in international relations, political science and economics.
Antonio Fatás,Jürgen von Hagen,Andrew Hughes Hallett
Author : Antonio Fatás,Jürgen von Hagen,Andrew Hughes Hallett Publisher : Centre for Economic Policy Research Page : 112 pages File Size : 50,6 Mb Release : 2003 Category : Business & Economics ISBN : 1898128774
Stability and Growth in Europe by Antonio Fatás,Jürgen von Hagen,Andrew Hughes Hallett Pdf
The fiscal policy framework of the EMU is in a states of crisis. Since the start of EMU, fiscal conditions in some member states have slipped considerably beyond the limits set by the Maastricht Treaty and the Stability and Growth Pact. It is clear that the preventive arm of the Stability and Growth Pact has failed to preclude excessive deficits. There is no shortage of proposals to reform the current fiscal framework in this crisis situation. They range from calls for softening their implementation, and to proposals for closer coordination of national fiscal policies. None of these proposals offers a convincing solution to the problem at the heart of the current crisis: how to balance the need for effective long-run fiscal stability in EMU with the need for short-run flexibility of fiscal policy in the member states. After a detailed analysis of the virtues and defects of the current fiscal framework, this report presents a proposal for reform that addresses this issue. The authors argue that EMU should move away from rigid fiscal rules for annual deficits towards a more judgmental process of monitoring the sustainability of fiscal policies. This approach is guided by three principles: independence, transparency, and legitimacy. Together wit the ability to assess the fiscal situation and outlook of each euro-area member state, they are the keys to designing a framework that provides enough flexibility and, at the same time, can build the required credibility and political support. The authors propose the creation of a Sustainability Council for the EMU, and independent body with the sole statutory task of safeguarding the sustainability of public finances in the euro area. The Sustainability Council regularly and openly reports to the public and the European Parliament its assessment of the member states' fiscal policies, taking into account past performance, current perspectives and the future course of fiscal policies. Its mandate is the counterpart of the ECB's principal task of maintaining price stability. However, the Sustainability Council has no operative role in fiscal policy; it relies solely on the pressure of informed public opinion to discipline national governments. The use of the instruments of fiscal policy is entirely left to the national governments, and the Sustainability Council can only be conceived as a judge of national public finances.
Revisiting the Stability and Growth Pact by Marco Buti,Sylvester C. W. Eijffinger,Daniele Franco Pdf
Recoge: 1. Introduction - 2. Fiscal rules: design and compliance - 3. Critical issues in the implementation of the SGP - 4. Revisiting the SGP: main proposals - 5. Revisiting the SGP: workable improvements - 6. Conclusions.
Author : Mr.Roel M. W. J. Beetsma,Mr.Xavier Debrun Publisher : International Monetary Fund Page : 34 pages File Size : 48,8 Mb Release : 2003-09-01 Category : Business & Economics ISBN : 9781451858716
Reconciling Stability and Growth by Mr.Roel M. W. J. Beetsma,Mr.Xavier Debrun Pdf
This paper analyzes the decision of a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact. The model shows that a pact may harm structural reforms, sacrificing future growth for present stability. The welfare gains brought about by a pact depend on a trade-off between the reduction in the deficit bias and the induced reduction in the amount of structural reform. A pact becomes more attractive (“smarter”) if it takes into account the fiscal impact of structural reforms, in line with a recent proposal by the European Commission.
How to Deal with the Stability and Growth Pact - A Critical Disquisition on the Stability Tool of the EMU by David Liebl Pdf
Seminar paper from the year 2005 in the subject Politics - International Politics - Topic: European Union, grade: A, University of Copenhagen (Departement of Political Science Copenhagen), course: Financial Globalization, 14 entries in the bibliography, language: English, abstract: Within the field of International Political Economy the case of monetary unions has become a big issue. Especially the establishment of the EMU has led to numerous academic publications. An intense political but also scientific discussion arose about the Stability and Growth Pact of the European Monetary Union. In March 2005 the ministers of finance and economics of the European Union decided to form the Stability and Growth Pact in a more flexible way. In the future countries that are above the 3 % limit should be judged as individual cases. In the academic discussion few economists already claim this, to be the pacts death. The paper starts by providing some basic facts about the terms of the pact and it's application during the last years. Chapter 4 provides a short overview about the theoretical background to the field, which can be simplified as Monetarism vs. Keynesian Economics. The main research question is, how we should deal with the pact. Should it be kept like it is today? Or are there good options to change the pact? In chapter 5 I will point out the most important arguments for keeping the pact and for changing it. Chapter 6 finally goes into the latest academic discussion about a reform of the pact and presents different approaches in doing so.
Enforcement and the Stability and Growth Pact: How Fiscal Policy Did and Did Not Change Under Europe's Fiscal Framework by Anthony Annett Pdf
The Stability and Growth Pact has been a success in numerous EU countries, especially in guiding them toward underlying fiscal balance ahead of population aging. These countries tend to be smaller, subject to greater macroeconomic volatility, and reliant on a form of fiscal governance that emphasizes targets and contracts. Most of the new members share these characteristics. For the countries less compatible with the Pact, domestic governance reforms that increase the reputational costs for noncompliance can be useful complements to the fiscal framework.
Fiscal Expectations Under the Stability and Growth Pact by Mr.Marcos Poplawski-Ribeiro,Jan-Christoph Rülke Pdf
The paper uses survey data to analyze whether financial market expectations on government budget deficits changed in France, Germany, Italy, and the United Kingdom during the period of the Stability and Growth Pact (SGP). Our findings indicate that accuracy of financial expert deficit forecasts increased in France. Convergence between the European Commission's and market experts’ deficit forecasts also increased in France, Italy, and the United Kingdom, particularly during the period after SGP’s reform in 2005. Yet, convergence between markets’ forecasts and those of the French, German, and Italian national fiscal authorities seems not to have increased significantly during the SGP.
Public Finance and National Accounts in the European Context by Joaquim Miranda Sarmento Pdf
This book offers an essential guide to Public Finance and National Accounts in the context of the European Union. Since the creation of the Eurozone, fiscal policy has been at the heart of economic (but also political/media) discussions in the EU. From the Stability and Growth Pact (1997) to the more recent Fiscal Treaty, EU and Eurozone, countries have been subject to various fiscal rules. The importance of these rules, and of the subsequent procedures that every Eurozone country has to adhere to, is unquestionable. The book provides the reader with an in-depth understanding of the complex EU rules concerning fiscal policy, breaking down the corresponding legal texts into simple and accessible language. It has a broad interdisciplinary appeal, and scholars and practitioners whose work involves these areas will find it of particular interest.
Pension Systems, Ageing and the Stability and Growth Pact by Roel Beetsma,Heikki Oksanen Pdf
This paper explores how the Stability and Growth Pact may cope with the future costs of population ageing in the European Union. Clearly, population ageing has forced countries to reform their pension systems, and will continue to do so, both by reducing the generosity of pension arrangements and by switching to funding rather than relying on pure pay-as-you go pension provision. We study how such reforms affect the room for adhering to the Pact, but also how the Pact may induce or hamper the incentives for reform. In our analysis we will draw on recent literature on the Pact and on the pensions and the ageing problem. We will also calibrate a simple model for addressing intergenerational equity.
The Stability and Growth Pact by Carsten Siegert Pdf
Intermediate Examination Paper from the year 2004 in the subject Economics - International Economic Relations, grade: A, University of Applied Sciences Essen (Institute for Economics and Management), language: English, abstract: In December 1991 at a summit in Maastricht the twelve nations, which constituted the European Community at that time, agreed on a treaty to transform the European Community into an European Union (EU). This Treaty was signed 1992 and came effective on November 1st of 1993 as an amendment to the treaty of Rome, the treaty the European Community was build on. Four years later the treaty of Amsterdam put the treaty of Maastricht into more concrete terms. The contracting parties agreed in Article B of this treaty that the Union will set itself (among others) the objective to promote economic and social progress through the establishment of an economicand monetary union (EMU), ultimately including a single currency. Under title V and VI of this treaty the countries also agreed to build up common, foreign- and security policies as well as to intensify their cooperation in fields of justice und home affairs. Title VII defines the ideas of a common economic and monetary policy. The treaty of Amsterdam was signed on October, 2nd 1997. Since all the Member States had to ratify the treaty by their respective legislative procedures, it did not come into effect until the end of May 1999. The European treaties, taken together, form the primary legislation and have characteristics of a constitution of the Community. The treaties provide the legal basis for all secondary legislation, i.e. regulations, directives and decisions of the institutions of the Community. 1 Peichl, Andreas (2003), p. 1-3. 2 Cowgill, Anthony and Andrew (2003b), p. 2.
