The Stability Pact: Safeguarding the Credibility of the European Central Bank

Michael Artis and Bernhard Winkler

No 1688, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: The ‘Stability Pact’ agreed at the Dublin Summit in December 1996 and concluded at the Amsterdam European Council in June 1997 prescribes sanctions for countries that breach the Maastricht deficit ceiling in stage three of European Monetary Union. This paper explores possible motivations for the Stability Pact as an incentive device for fiscal discipline and as a partial substitute for policy coordination and a common ‘stability culture’.

Keywords: Incentive Contracts; Maastricht Treaty; Monetary Union; Policy Coordination (search for similar items in EconPapers)
JEL-codes: E58 E61 F33 F36 F42 (search for similar items in EconPapers)
Date: 1997-08
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Citations: View citations in EconPapers (51)

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Journal Article: The Stability Pact: Safeguarding the Credibility of the European Central Bank (1998)
Journal Article: The Stability Pact: Safeguarding the Credibility of the European Central Bank (1998)
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