The stability and Growth Pact in Practice: inefficiencies of previous debt rules and the way forward

Ionut Jianu and Maria-Daniela Tudorache
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Maria-Daniela Tudorache: Bucharest University of Economic Studies, Romania

Theoretical and Applied Economics, 2024, vol. XXXI, issue 4(641), Winter, 261-278

Abstract: This paper aims to assess the compliance of the EU Member States with the previous debt rules over the period 2011-2023. To achieve this, we assessed two complementary criteria concerning public debt, respectively the compliance with the 60% of GDP threshold and the one related to the debt reduction rule, which indicates that Member States with public debt levels higher than 60% of GDP should reduce the difference between the level of public debt share in GDP and the 60% of GDP threshold with an average rate of 1/20 in the last three years. Further, we highlighted the reasons why the last economic governance framework was not effective and we presented the new debt rules in their revised form.

Keywords: stability and Growth Pact; public debt; rules; fiscal; economic governance review. (search for similar items in EconPapers)
Date: 2024
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