Download or read book Implementing the Stability and Growth Pact written by Roel M. W. J. Beetsma and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Design and Implementation of the Stability and Growth Pact written by Fabrizio Coricelli and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current developments in the design and management of fiscal rules in the European Union may have negative implications for New Member States. Loosening of the Stability and Growth Pact (SGP) and a growing degree of arbitrariness in its implementation reduce incentives for fiscal adjustment in New Member States, adjustment that would be crucial during the transition to the Eurozone. High budget deficits may prove a serious obstacle in the process of catching up of New Member States to the income levels of EU-15 countries.

Download or read book The Reform and Implementation of the Stability and Growth Pact written by R. Morris and published by . This book was released on 2006 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Close to Balance Or in Surplus written by Michael J. Artis and published by . This book was released on 2000 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Reconciling Stability and Growth written by Mr.Roel M. W. J. Beetsma and published by International Monetary Fund. This book was released on 2003-09-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The Stability and Growth Pact written by A. Brunila and published by Springer. This book was released on 2001-09-20 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Vade Mecum on the Stability and Growth Pact written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2013 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: This vade mecum is a manual prepared by DG ECFIN presenting the procedures and methodologies for implementing the Stability and Growth Pact (SGP). It is primarily aimed at individuals and organisations working on public finance issues in EU countries, but should be of interest to anyone wanting an in-depth understanding of the SGP's functioning or searching for details on its implementation. (It is not, however, aimed at those seeking a general overview of the Pact - instead, a more immediately accessible guide, 'Building a strengthened fiscal framework in the European Union: a guide to the stability and growth pact' is also available.) This manual describes the implementation of the SGP at the time of writing, step by step, and should not be considered to be definitive, in two ways. First, the electronic copy will be updated when there are changes or clarifications to the way the Pact is implemented. For example, when the legislative package known as the Two Pack, which is currently going through the European legislative process, becomes law, the vade mecum will be updated to reflect the changes to the surveillance procedures. Second, in many parts the vade mecum presents an agreed or historic interpretation of a feature of the SGP which might be adapted as the need arises.

Download or read book Revisiting the Stability and Growth Pact written by Marco Buti and published by . This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Implementing the Stability and Growth Pact written by Roel M. W. J. Beetsma and published by International Monetary Fund. This book was released on 2005-03 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper analyzes some key policy trade-offs involved in the implementation of the Stability and Growth Pact. Greater "procedural" flexibility in the Pact's implementation may improve welfare. Procedural flexibility designates the enforcer's room to apply judgment on underlying policies and to set a consolidation path that does not discourage high-quality measures. Budgetary opaqueness may hinder the qualitative assessment of fiscal policy; therefore, better monitoring and greater transparency would increase the benefits from procedural flexibility. Overall, a simple deficit rule with conditional procedural flexibility can contain excessive deficits, lower unproductive spending, and increase high-quality outlays.

Download or read book Between Growth and Stability written by Leila Simona Talani and published by Edward Elgar Publishing. This book was released on 2008-01-01 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book CLOSE TO BALANCE OR IN SURPLUS A POLICY MARKET S GUIDE TO THE IMPLEMENTATION OF THE STABILITY AND GROWTH PACT written by Michael John ARTIS and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Close to Balance Or in Surplus a Policy Marke s Guide to the Implementation of the Stability and Growth Pact written by Michael J. Artis and published by . This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Strengthening Economic Governance and Clarifying the Implementation of the Stability and Growth Pact written by Commission of the European Communities and published by . This book was released on 2004 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book How to Save the Stability and Growth Pact written by Moritz Kraemer and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Commission's proposal to reform the Stability and Growth Pact (SGP) is old wine in new bottles. It fails to address the central problem that has contributed to the SGP’s failure from the onset – the lack of political will to implement the Pact’s provisions. Blatant conflicts of interest need to be tackled head on. A long time ago, elected politicians realised that they cannot be trusted with providing stable monetary policy. Consequently, they have delegated the task to independent central banks. More than two decades of trying have provided ample evidence that, similar to the case of monetary policy, elected officials also cannot be entrusted with activating financial sanctions when rules are being broken. Give this role to an independent fiscal council. Fiscal policies are still determined by democratically-elected governments. But the judgement on whether those policies conform with the agreed legal framework cannot be credibly performed by the same set of people that have broken the rules in the first place.

Download or read book The EU s Stability and Growth Pact written by Lisa Fingland and published by . This book was released on 2012 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Stability and Growth Pact (SGP) of the European Union has come under fire for failing to rein in budget deficits and for the ineffectiveness of its sanctions. By examining trends in public debt and budgetary positions, this article examines whether the SGP has met its objectives and considers the extent to which implementation was affected by the accession of 10 new member states in 2004.

Download or read book Stability and Growth in Europe written by Antonio Fatás and published by Centre for Economic Policy Research. This book was released on 2003 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The Stability Pact written by Assar Lindbeck and published by . This book was released on 2006 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: