Setting Medium-Term Fiscal Targets in EMU

Michael Artis and Marco Buti

Chapter 8 in The Stability and Growth Pact, 2001, pp 185-203 from Palgrave Macmillan

Abstract: Abstract The Stability and Growth Pact, which is the backbone of fiscal policy in EMU, demands that the countries of the European Union (EU) aim for ‘medium-term objectives of budgetary positions close to balance or in surplus’. The Pact can be seen as strengthening the procedures introduced by the Maastricht Treaty, at least in relation to the deficit criterion. Its objective is to ensure that fiscal prudence, as embodied in the fiscal criteria, applies not only in the run-up to the single currency, but becomes a permanent feature of the new EMU framework.

Keywords: Interest Rate; Central Bank; Euro Area; Monetary Union; Demand Shock (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-62926-4_8

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DOI: 10.1057/9780230629264_8

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