Réformer le pacte de stabilité: l'état du débat

Catherine Mathieu () and Henri Sterdyniak ()

Revue de l'OFCE, 2003, vol. 84, issue 1, 145-179

Abstract: Reforming the SGP has become a highly debated issue in Europe. This paper starts with recalling the fiscal policy framework in the euro area : the 3 % of GDP limit for public deficits, stability programmes, the broad economic policy guidelines. The weaknesses of the existing procedures are addressed: the arbitrary nature of the criteria, the lack of economic policy co-ordination.We discuss the propositions recently made by the Commission to strengthen its influence on national fiscal policies. We then deal with several other propositions : budgetary federalism, golden rule of public finances, budgetary policy committees, public debt rather than deficits surveillance. Finally, we present our proposal : national budgetary policies would be responsible for managing the inflation-production trade off, under a medium term inflation objective, while monetary policy would target interest rates. JEL code : E6.

JEL-codes: E6 (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (6)

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Related works:
Working Paper: Réformer le Pacte de stabilité: l'état du débat (2004)
Working Paper: Réformer le Pacte de stabilité: l'état du débat (2003)
Working Paper: Réformer le Pacte de stabilité: l'état du débat (2003)
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