The EU Stability Pact and the Case for European Monetary Union

J. Peter Neary

Working Papers from College Dublin, Department of Political Economy-

Abstract: Along with other prospective EMU members, the Irish government is now commited to the "Stability and Growth Pact", which proposes heavy penalties for countries whose deficit-to-GDP ratios breach certain stipulated conditions. Agreement on the broad outlines on the Pact of Dublin Summit of 13-14 december 1996 was hailed as a triumph of Irish diplomacy. But most academic economists have expressed grave misgivings about the Pact, even those who are pro-EMU. In this paper I want to explain why I believe the majority is right and why the Pact strenghens the argument for postponing Irish entry to EMU until the UK also joins.

Keywords: EUROPEAN MONETARY SYSTEM; IRELAND (search for similar items in EconPapers)
JEL-codes: F33 (search for similar items in EconPapers)
Pages: 12 pages
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:fth:dublec:97/28

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