Estimating Prudent Budgetary Margins

Thomas Dalsgaard and Alain Serres

Chapter 9 in The Stability and Growth Pact, 2001, pp 204-234 from Palgrave Macmillan

Abstract: Abstract The Maastricht Treaty imposes a debt limit of 60 per cent of GDP and a deficit ceiling of 3 per cent of GDP for countries participating in Stage 3 of European Monetary Union (EMU). The Stability and Growth Pact goes further and specifies the circumstances under which a deficit can be regarded as excessive, speeds up the procedure and defines the sanctions in the event of excessive deficits.

Keywords: Fiscal Policy; Budget Balance; European Monetary Union; Supply Shock; Euro Area Country (search for similar items in EconPapers)
Date: 2001
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DOI: 10.1057/9780230629264_9

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