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The end of stability and growth pact?

Jakob de Haan (), Helge Berger () and David-Jan Jansen

No 2003/16, Discussion Papers from Free University Berlin, School of Business & Economics

Abstract: This paper evaluates the Stability and Growth Pact. After examining the rules in place and the experience so far, the Pact is analysed from a political economy perspective, focusing on the choice for so-called soft law and drawing inferences from characteristics of successful fiscal rules at the state level in the United States. It is also examined whether big and small countries are likely to adhere to fiscal policy rules in place. Furthermore, the impact of the business cycle on fiscal policy outcomes is analysed. Finally, the proposals of the European Commission to strengthen the Pact are discussed.

Keywords: stability and growth pact; EMU; budget discipline (search for similar items in EconPapers)
JEL-codes: E61 E63 (search for similar items in EconPapers)
Date: 2003
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