The Implementation of the Stability and Growth Pact

Ludger Schuknecht

OECD Journal on Budgeting, 2002, vol. 1, issue 3, 81-116

Abstract: This article explains the "new" institutional framework for fiscal policy-making in the EU countries agreed first in the Maastricht Treaty and later complemented by the Stability and Growth Pact. This framework introduces a – probably unprecedented – supra-national institutional framework for national fiscal policies. It also serves as a basis for monitoring and assessing fiscal policies and their compatibility with price stability-oriented monetary policy making.

Date: 2002
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