Download or read book Ruling Europe written by Martin Heipertz and published by Cambridge University Press. This book was released on 2010-03-18 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the fraught history and politics of the Stability and Growth Pact from its origins to the present economic crisis.

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 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 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 Second Generation Fiscal Rules written by Luc Eyraud and published by International Monetary Fund. This book was released on 2018-04-13 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog

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 The Future of the Stability and Growth Pact as a Tool for Economic Policy Co ordination written by Hugo Zsolt de Sousa and published by . This book was released on 2004 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book How to Deal with the Stability and Growth Pact A Critical Disquisition on the Stability Tool of the EMU written by David Liebl and published by GRIN Verlag. This book was released on 2008-06 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Thou Shalt Not Breach The Impact on Sovereign Spreads of Noncomplying with the EU Fiscal Rules written by Federico Diaz Kalan and published by International Monetary Fund. This book was released on 2018-04-13 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is evidence that fiscal rules, in particular well-designed rules, are associated with lower sovereign spreads. However, the impact of noncompliance with fiscal rules on spreads has not been examined in the literature. This paper estimates the effect of the Excessive Deficit Procedure (EDP) on sovereign spreads of European Union member states. Based on a sample including the 28 European Union countries over the period 1999 to 2016, sovereign spreads of countries placed under an EDP are found to be on average higher compared to countries that are not under an EDP. The interpretation of this result is not straight-forward as different channels may be at play, in particular those related with the credibility and the design of the EU fiscal framework. The specification accounts for typical macroeconomic, fiscal, and financial determinants of sovereign spreads, the System Generalized Method of Moments estimator is used to control for endogeneity, and results are robust to a range of checks on variables and estimators.

Download or read book The Stability and Growth Pact written by Carsten Siegert and published by GRIN Verlag. This book was released on 2004-05-30 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Growth and Cohesion in the European Union written by William Mitchell and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a critical review of current fiscal and monetary policy in Europe and presents results of both empirical research and a discussion of the theoretical framework behind the policy of the ECB and the Stability and Growth Pact.

Download or read book EU Economic Policy at the Dawn of the Century written by Patrick M. Crowley and published by Nova Publishers. This book was released on 2008 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union (EU) has undergone remarkable change in the last century, from frequent conflicts in the first part of the last century, to peace, stability and unprecedented prosperity in the second half. As we move into the first half of the twenty-first century, there is also a sense that a fragile economic renaissance is underway in the EU, but one that is fraught with challenges and difficulties. Contrary to many of the vociferous critics of the single currency project (mostly US economists and some UK politicians, most notably Thatcher (2002), to date the project has met with remarkable success, despite the dramatic fall in the euro from its launch date and the strains imposed on EU economies following the recent downturn in the world economy. EU Enlargement has now been successfully completed, and although there have been painful discussions on EU institutional reform to accommodate the expansion, a breakdown in the 2005 budget negotiations and an controversy over the implementation of the Stability and Growth pact, it is likely that this will not impede the addition of new Member States from the east.

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 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Is there a structural or a political fault in the fiscal governance of the EU written by Tom Wan and published by GRIN Verlag. This book was released on 2016-09-28 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thesis (M.A.) from the year 2012 in the subject Politics - Topic: European Union, grade: Merit, London School of Economics (European Institute), course: Politics and Government in the EU, language: English, abstract: The non-compliance to the Stability and Growth Pact in the early 2000’s was a direct challenge to the co-operative virtue of EU fiscal governance, and the fact that its occurrence played little role in affecting the stability for Europe’s most significant achievement yet – the Single Currency – was in itself a truly peculiar incident. Betrayed by the deeds of the two locomotives of the European Project, Germany and France, only four years after the adoption of the Euro – yet the currency strides on and none of the adverse effect that Economists feared had happened. But was that it? The fact that both of these nations could escape sanction by coercing other nations in debt to vote against a punishment for their excessive fiscal deficit announced a deep functional fault in the enforcement of agreed EU treaties on the Commission’s part; and knowing that the stability of the Euro hinged upon an incomplete fiscal federation where fiscal responsibility laid heavily on the shoulders of the member states, there was indeed a commitment crisis exhibiting itself in 2003. This paper aimed to answer two questions: first, what have caused the member states, such as France and most curiously, Germany, the one who had stressed the need for fiscal discipline every step of the way during the negotiation stage to safeguard the Euro, to renegade on a pact that was supposed to guarantee just that? Second, in light of the silence of the international capital market towards the incident, what, if any, had the demise of EDP contributed to the study of fiscal governance and political integration in the EU?

Download or read book Macroeconomic Policy in the European Monetary Union written by Francesco Farina and published by Routledge. This book was released on 2007-11-08 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing readers with a multi-faceted assessment of the implementation of fiscal policies in the euro zone and their macroeconomic effects five years after the inception of the euro, this book, international in perspective and scope, is the first reliable reference source for discussions in this area for both academics and policy makers. Comprising contributions from distinguished researchers from different European countries and institutions the issues addressed include the: monetary and fiscal policy-mix evolution and control of fiscal aggregates over the business cycle and their implications for the SGP rules accountability of debt evolution financial spill-over of national fiscal policies measurement and assessment of automatic stabilizers. Based on empirical evidence as well as being firmly rooted in theoretical analyses and giving particular emphasis to the constraint of the Stability and Growth Pact on the one hand and the presence of a single monetary policy on the other, this book is an invaluable tool students and researchers engaged with macroeconomic stabilization and monetary and fiscal policy interactions, as well as professionals in the public sector and the financial institutions of the EU.

Download or read book 101 Proposals to Reform the Stability and Growth Pact written by and published by . This book was released on 2006 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The failure of key EU Member States to respect the requirements of the Stability and Growth Pact (SGP) a few years after its inception triggered a heated debate on how to reform the framework of fiscal policy coordination in the Economic and Monetary Union (EMU). This paper systematically analyzes 101 reform proposals presented by professional academic and non-academic economists prior to March 2005, when the Council of the European Union adopted a revised version of the SGP. Each proposal is characterized by a set of variables reflecting features such as the degree of modification of the SGP, the background of its author(s), the main aim attached to fiscal policy coordination in the EMU, the timing of the proposal and the type of proposal made. Using multivariate statistical analysis, roughly four different schools of thought concerning the reform of the SGP are identified. In line with the main findings of the political economy literature, all four schools of thought share the view that in the absence of specific rules fiscal policy would lead to excessive deficits and hence affect the conduct of the common monetary policy. However, beyond this common denominator, there is no consensus on how best to co-ordinate fiscal policy. Several explanations for the multitude of proposals are presented, the most important being the present lack of a consensus in the economics profession concerning the role of fiscal policy.

Download or read book The Genesis of the Stability and Growth Pact written by Sandra Martin and published by GRIN Verlag. This book was released on 2016-11-16 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2014 in the subject History of Europe - Newer History, European Unification, University of Bamberg, course: European Integration, language: English, abstract: The implementation of the European Economic and Monetary Union (EMU), with a common European currency was one of the most far-reaching integration-steps of the European Integration. The EMU was enacted in 1992 with the Treaty of Maastricht and envisaged its implementation in three stages. Thereby the member states should gradually transfer competences and controlling tools to the European level and further the coordination of their monetary and economic policies. The purpose of the EMU was a uniform monetary policy for all member states, whereas the fiscal policies remain at the national level. With the approach of the third stage the integration process got into stumble und the project of a common European currency threatened to fail. Only after the ratification of an additional agreement – the Stability and Growth Pact – all of the European member states agreed to enter into the last stage of the EMU. Without this stability pact the implementation of the EMU would have been remained unfinished. This pact was not intended in the Maastricht Treaty, but constitutes an amendment to it. Wherefrom did the demand for this additional agreement come and how were the negotiations taking place? The genesis of the Stability and Growth Pact (SGP) will be analyzed in this paper. Thereby I concentrate on the two countries Germany and France. These were the dominant actors, who influenced and determined the development of the pact. The theoretical frame for the analysis is the Liberal Intergovernmentalism by Andrew Moravcsik. This integration theory focuses on “grand bargains“ between nation states to explain the steps of the process of the European Integration. In the following chapters I will firstly carve out the relevant aspects of Moravcsik ́s theory. Afterwards the theory is applied to explain the genesis of the SGP.