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Have the euro area and EU governance worked? Just the facts

Demosthenes Ioannou and Livio Stracca ()

European Journal of Political Economy, 2014, vol. 34, issue C, 1-17

Abstract: We test whether the two key EU and euro area economic governance pillars, the Stability and Growth Pact and the Lisbon Strategy, have had any impact on macroeconomic outcomes. We test this proposition on a panel of 27, some of which are non-EU (control group) using a programme evaluation approach. The impact of the EU economic governance pillars is evaluated based on both the performance before and after their application as well as against the control group. We find strong and robust evidence that neither the Stability and Growth Pact nor the Lisbon Strategy have had a significant beneficial impact on fiscal and economic performance outcomes. We conclude that a profound reform of these pillars is needed to make them work in the next decade.

Keywords: Stability and Growth Pact; Lisbon Strategy; European Union; Governance; Institutions (search for similar items in EconPapers)
JEL-codes: E62 H6 O4 (search for similar items in EconPapers)
Date: 2014
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European Journal of Political Economy is currently edited by J. De Haan, A. L. Hillman and H. W. Ursprung

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