Revisiting the Stability and Growth Pact: Grand Design or Internal Adjustment?
نویسندگان
چکیده
The Stability and Growth Pact is under fire. Problems have appeared in sticking to the rules. Proposals to reform the Pact or ditch it altogether abound. But is the Pact a flawed fiscal rule? Against established criteria for an ideal fiscal rule, its design and compliance mechanisms fare reasonably well. Where weaknesses are found, they tend to reflect tradeoffs typical of supra-national arrangements. In the end, only a higher degree of fiscal integration would remove the inflexibility inherent in the recourse to predefined budgetary rules. This does not mean that the EU fiscal rules cannot be improved. However, given the existing degree of political integration in EMU, internal adjustment rather than attempting to re-design the rules from scratch appears a more suitable way to bring about progress. Redefining the medium term budgetary target, improving transparency, tackling the procyclical fiscal bias in good times, moving towards non-partisan application of the rules and improving transparency in the data can achieve both stronger discipline and higher flexibility.
منابع مشابه
Revisiting Quotes from Educational Perspective: An Inquiry into the Multifarious Applications of Grand Quotes in English Language Pedagogy
متن کامل
The Design of a New Double Loop Controller For Simultaneous Adjustment of Input and Output Voltages of Single-Phase Grid-Connected Inverter
Although LCL filters are used widely in the grid connected inverters to reduce high-orderharmonics, such a system increases system order and therefore sustainable design of closed-loopcontroller system will be complicated. Recently, the single-loop control strategy has beensuggested for L or LC filter based grid-connected inverters. However, the use of single-loopcontrol directly in LCL filter-...
متن کاملEuropean Union Studies Association
IN DECEMBER 2004, the new Barroso Commission brought the saga of the French and German infringements of the Stability and Growth Pact to a close by lifting the “excessive deficit” procedure launched in 2003. That same month, the Commission launched infringement proceedings against Greece that has been providing inaccurate public deficit statistics since the creation of the Pact in 1997. The new...
متن کاملPerformance, Thermal Stability and Optimum Design Analyses of Rectangular Fin with Temperature-Dependent Thermal Properties and Internal Heat Generation
In this study, we analysed the thermal performance, thermal stability and optimum design analyses of a longitudinal, rectangular fin with temperature-dependent, thermal properties and internal heat generation under multi-boiling heat transfer using Haar wavelet collocation method. The effects of the key and controlling parameters on the thermal performance of the fin are investigated. The therm...
متن کاملReforming the Stability and Growth Pact: Size and Influence in EMU Policymaking
The Stability and Growth Pact, originally designed to protect the integrity of monetary union based on price stability and fiscal discipline, has created a rift between states and institutions. Larger states like Germany and France have repeatedly violated the terms of the pact, while smaller states like the Netherlands and Austria have steadfastly defended it. This paper explores how size has ...
متن کامل