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The Stability and Growth Pact: The Architecture of Fiscal Policy in EMU
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 analyze 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.
Contents:
Introduction - PART 1: DOES EMU NEED FISCAL RULES? - Does EMU Need a Stability Pact? - The Stability and Growth Pact: a delicate balance or an albatross? - PART 2: WHERE DOES THE PACT COME FROM? - Genesis of a Pact - The Stability and Growth Pact: how did we get there? - PART 3: HOW DOES THE PACT WORK? - Main aspects of the working of the Stability and Growth Pact - Fiscal surveillance under the Pact: the Stability and Convergence Programmes - PART 4: 'CLOSE TO BALANCE OR IN SURPLUS': THE MEDIUM TERM BUDGETARY TARGETS - Setting medium-term fiscal targets in EMU - Estimating prudent budgetary margins for EU Countries: a simulated SVAR model approach - The Stability and Growth Pact, will it ever be breached? - PART 5: FISCAL POLICY CO-ORDINATION UNDER THE PACT - Fiscal policy, automatic stabilisers and policy co-ordination in EMU - Should fiscal policy co-ordination go beyond the SGP? - PART 6: PUBLIC DEBT UNDER THE STABILITY AND GROWTH PACT - Optimal debt under a deficit constraint - How should the debt be managed? Supporting the Stability Pact - PART 7: WERE THERE POSSIBLE ALTERNATIVES? - Public investment, the stability Pact and the 'Golden Rule' - Achieving fiscal discipline through tradable deficit permits - Glossary
Brief Description:
The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The volume analyzes the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications.
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