scholarly journals Fiscal Policy and Macroeconomic Stabilisation in the Euro Area: Possible Reforms of the Stability and Growth Pact and National Decision-Making Processes

2009 ◽  
pp. 177-228
Author(s):  
Seppo Honkapohja ◽  
Frank Westermann
Keyword(s):  
Decision Making ◽  
Fiscal Policy ◽  
Euro Area ◽  
Stability And Growth Pact ◽  
Growth Pact ◽  
Decision Making Processes ◽  
The Stability

scholarly journals Das Kaninchen vor der Schlange

2001 ◽  
Vol 31 (125) ◽  
pp. 637-648
Author(s):  
Hansjörg Herr
Keyword(s):  
Fiscal Policy ◽  
Euro Area ◽  
World Economy ◽  
Western World ◽  
Stability And Growth Pact ◽  
Growth Pact ◽  
Liberal Ideology ◽  
The Usa ◽  
The Stability ◽  
Monetary And Fiscal Policy

The terrorattack hit the western world in a situation of a sharp cyclical downturn in the USA, Europe and Japan. Mainly because of increased uncertainty the downturn will be intensified by the attack. Immediately after the attack US monetary and fiscal policy became even more expansive. In Europe monetary policy reacted very reluctantly. Active fiscal policy in the Euro-area is nearly not existing as the Stability and Growth Pact as well as neo-liberal ideology prevents fiscal measures. The inactive economic policy in the Euro-area is not only dangerous for Europe but also a depressing factor for the world economy.

Fiscal Policy Coordination

2019 ◽  
pp. 14-25
Author(s):  
Charlotte Rommerskirchen
Keyword(s):  
Fiscal Policy ◽  
Historical Context ◽  
Policy Coordination ◽  
Economic Recovery ◽  
Stability And Growth Pact ◽  
Growth Pact ◽  
Legal Power ◽  
The Stability ◽  
Key Aspects ◽  
Fiscal Policy Coordination

This chapter sets the scene for this study by providing historical context and introducing the key aspects, processes, and players of fiscal policy coordination. In so doing it charts key developments of pre-crisis fiscal policy coordination, before turning to the creation of the European crisis agreement, the European Economic Recovery Plan (EERP), and finally the reform packages post-crisis. Despite impressions to the contrary, the procedures for fiscal policy coordination are extensive, albeit enforced and reinforced with little political and legal power. Although there is persistent continuity for some ideas and procedures—the Stability and Growth Pact (SGP) and its fear of stability free riding chief among them—new innovations and reforms have made inroads.

Brunila, A. - Buti, M. - Franco, D., The Stability and Growth Pact: The Architecture of Fiscal Policy in EMU

2002 ◽  
Vol 20 (2) ◽  
pp. 191-193
Author(s):  
Marco Ciaffi
Keyword(s):  
New York ◽  
Fiscal Policy ◽  
Stability And Growth Pact ◽  
Growth Pact ◽  
The Stability

Abstract Brunila, A. - Buti, M. - Franco, D. (eds), 2001, The Stability and Growth Pact: The Architecture of Fiscal Policy in EMU, New York, Palgrave, pp. 438, hardcover, ISBN<italic/> 0-333-96145-5, US$69.95.

Taking Stock of the EU Fiscal Rules over the Past 20 Years and Options for Reform

2019 ◽  
Vol 239 (5-6) ◽  
pp. 861-894
Author(s):  
Christophe Kamps ◽  
Nadine Leiner-Killinger
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Maastricht Treaty ◽  
Fiscal Rules ◽  
Stability And Growth Pact ◽  
Public Finances ◽  
The Past ◽  
Growth Pact ◽  
The Stability ◽  
The Eu

Abstract This paper reviews how the European Union’s fiscal rules have developed from the Maastricht Treaty that established the single monetary policy up until today. It shows that the design of these rules did not always follow economic logic but often resulted from political constraints, giving rise to some flaws in the framework from its very beginning. At the same time, the repeated attempts to adjust the fiscal framework to a multitude of circumstances over the past 25 years have made it overly complex and incoherent. Based on a finding that euro area countries’ compliance with the EU fiscal rules has been unsatisfactory, the paper concludes that in its current shape the Stability and Growth Pact is an insufficient disciplining device in good economic times, with the consequence that there are no fiscal buffers, in particular in high-debt countries, such that growth can be supported in economic troughs. Based on this finding, the paper reviews reform options for making the fiscal framework more effective in bringing about sounder public finances and avoiding the pro-cyclicality observed over the past two decades.

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