Réformer le Pacte de stabilité: l'état du débat

Henri Sterdyniak () and Catherine Mathieu ()

Macroeconomics from University Library of Munich, Germany

Abstract: 'Reforming the Stability and Growth Pact: where do we stand ? Reforming the SPG has become a highly debated issue in Europe. This parper 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 arbitary nature of th 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 responsilbe for managing the inflation- production trade off, under a medium term inflation objective, while monetary policy would target interest rates.

JEL-codes: E6 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2004-11-26, Revised 2004-12-07
Note: Type of Document - pdf; pages: 35. Text in French. Revue de l'OFCE, n° 84, janvier 2003.
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0411/0411019.pdf (application/pdf)

Related works:
Journal Article: Réformer le pacte de stabilité: l'état du débat (2003)
Working Paper: Réformer le Pacte de stabilité: l'état du débat (2003)
Working Paper: Réformer le Pacte de stabilité: l'état du débat (2003)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpma:0411019

Access Statistics for this paper

More papers in Macroeconomics from University Library of Munich, Germany
Bibliographic data for series maintained by EconWPA ( this e-mail address is bad, please contact ).