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| Author | : Mr.Michael Deppler |
| Publisher | : International Monetary Fund |
| Total Pages | : 28 |
| Release | : 2005-02-01 |
| Genre | : Business & Economics |
| ISBN | : 1451975481 |
Download Reforming the Stability and Growth Pact Book in PDF, ePub and Kindle
A rules-based fiscal framework, such as the EU’s Stability and Growth Pact (SGP), can be an important bulwark against short-sighted policies. Although policies have improved following the SGP’s adoption, shortcomings remain. These, however, are rooted in the policies rather than the rules, where few changes seem necessary. Specifically, the Excessive Deficit Procedure needs a stronger focus on policies rather than outcomes, while staying operationally simple and transparent. Furthermore, reforms are needed to foster time-consistent national policies, budgetary transparency, and ownership of the Pact. Accordingly, parliaments should debate national Stability Programs and national fiscal councils should review these programs for parliaments.
| Author | : Philippa Sigl-Glöckner |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2022 |
| Genre | : |
| ISBN | : |
Download A Proposal for Reforming the Stability and Growth Pact Book in PDF, ePub and Kindle
There is consensus that the Stability and Growth Pact (SGP) needs to evolve. In this paper, we put forward reform ideas aimed at reducing debt levels, enabling sustainable growth and strengthening Europe's sovereignty without a change in primary legislation. The current fiscal framework leads to a suboptimal trade-off between austerity and growth. Our proposals therefore focus on two ideas: first, putting more emphasis on the primary deficit in both the corrective and the preventive arm of the SGP; and second, simplifying and revising the preventive arm, in particular the estimation of potential output. These reforms would make the SGP more effective in reducing debt ratios, reduce the risk of contractionary austerity while allowing for growth, and contribute to economic convergence. A clearer focus of fiscal policy on primary deficits would also sharpen the distinction between fiscal and monetary policy, as monetary policy has no direct influence on the primary balance. Finally, we argue that substantive progress towards European sovereignty would require major reform. Given today's understanding of monetary policy transmission mechanisms, mechanically limiting sovereign credit at an arbitrary debt-to-GDP ratio seems particularly problematic as it can no longer be justified with the aim of avoiding fiscal dominance.
| Author | : Mr.Roel M. W. J. Beetsma |
| Publisher | : International Monetary Fund |
| Total Pages | : 34 |
| Release | : 2003-09-01 |
| Genre | : Business & Economics |
| ISBN | : 145185871X |
Download Reconciling Stability and Growth Book in PDF, ePub and Kindle
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.
| Author | : Leila Simona Talani |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 213 |
| Release | : 2008-01-01 |
| Genre | : Business & Economics |
| ISBN | : 1848441509 |
Download Between Growth and Stability Book in PDF, ePub and Kindle
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.
| Author | : Anthony Annett |
| Publisher | : |
| Total Pages | : |
| Release | : 2005 |
| Genre | : |
| ISBN | : |
Download Reforming the Stability and Growth Pact Book in PDF, ePub and Kindle
| Author | : Fabian Amtenbrink |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2011 |
| Genre | : |
| ISBN | : |
Download Reforming the Stability and Growth Pact Book in PDF, ePub and Kindle
In this multidisciplinary contribution the authors argue both from a normative and economic perspective that the 2005 reform of the European Stability and Growth Pact, which is limited to an amendment of secondary Community law, cannot remedy the basic shortcomings of the rules on economic coordination in EMU in place. Although the reform results in some stricter obligations for the Member States and a sharpening of the multilateral surveillance procedure, a more flexible approach in dealing with excessive deficits in the Member States is introduced. As some of the new Member States, are likely to join the ranks of some of the old Member States, especially the large ones, in frequently running excessive deficits, lack of enforcement is aggravated.
| Author | : David Liebl |
| Publisher | : GRIN Verlag |
| Total Pages | : 25 |
| Release | : 2008-06 |
| Genre | : Political Science |
| ISBN | : 3638953297 |
Download How to Deal with the Stability and Growth Pact - A Critical Disquisition on the Stability Tool of the EMU Book in PDF, ePub and Kindle
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.
| Author | : Anthony Annett |
| Publisher | : International Monetary Fund |
| Total Pages | : 38 |
| Release | : 2006-05 |
| Genre | : Business & Economics |
| ISBN | : |
Download Enforcement and the Stability and Growth Pact: How Fiscal Policy Did and Did Not Change Under Europe's Fiscal Framework Book in PDF, ePub and Kindle
The Stability and Growth Pact has been a success in numerous EU countries, especially in guiding them toward underlying fiscal balance ahead of population aging. These countries tend to be smaller, subject to greater macroeconomic volatility, and reliant on a form of fiscal governance that emphasizes targets and contracts. Most of the new members share these characteristics. For the countries less compatible with the Pact, domestic governance reforms that increase the reputational costs for noncompliance can be useful complements to the fiscal framework.
| Author | : Kilian Seng |
| Publisher | : |
| Total Pages | : |
| Release | : 2012 |
| Genre | : |
| ISBN | : |
Download Reforming the Stability and Growth Pact in Times of Crisis Book in PDF, ePub and Kindle
| Author | : Roel M. W. J. Beetsma |
| Publisher | : International Monetary Fund |
| Total Pages | : 40 |
| Release | : 2005-03 |
| Genre | : Business & Economics |
| ISBN | : |
Download Implementing the Stability and Growth Pact Book in PDF, ePub and Kindle
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.
