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Author: Leila Simona Talani
Publisher: Edward Elgar Publishing
ISBN: 1848441509
Category : Business & Economics
Languages : en
Pages : 213
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Book Description
Very comprehensive and based on a detailed economic and political analysis, Between Growth and Stability is clearly a vital book for both students and seasoned economists. . . Thomas Bauwens, Bibliothèque Européenne Combining economic and political science perspectives, this timely and important book describes and analyses the circumstances and events leading to the demise and subsequent reform of the Stability and Growth Pact (SGP). Between Growth and Stability aims to find a solution to the dilemmas posed by fiscal policy coordination in the context of a single currency area, as well as contrasting the alternative heuristic frameworks and theoretical perspectives employed. It focuses particularly on the question of credibility, its definition and its meaning in the day-to-day workings of economic and monetary union. The book examines the actual performance of the SGP and proposes ways in which the integrity of European fiscal rule making might be improved in the future. This book will be essential reading for policymakers, politicians, members of European institutions and international organizations. The in-depth analysis will also be invaluable to scholars of international relations and economics, as well as undergraduate and postgraduate students in international relations, political science and economics.
Author: Leila Simona Talani
Publisher: Edward Elgar Publishing
ISBN: 1848441509
Category : Business & Economics
Languages : en
Pages : 213
Get Book
Book Description
Very comprehensive and based on a detailed economic and political analysis, Between Growth and Stability is clearly a vital book for both students and seasoned economists. . . Thomas Bauwens, Bibliothèque Européenne Combining economic and political science perspectives, this timely and important book describes and analyses the circumstances and events leading to the demise and subsequent reform of the Stability and Growth Pact (SGP). Between Growth and Stability aims to find a solution to the dilemmas posed by fiscal policy coordination in the context of a single currency area, as well as contrasting the alternative heuristic frameworks and theoretical perspectives employed. It focuses particularly on the question of credibility, its definition and its meaning in the day-to-day workings of economic and monetary union. The book examines the actual performance of the SGP and proposes ways in which the integrity of European fiscal rule making might be improved in the future. This book will be essential reading for policymakers, politicians, members of European institutions and international organizations. The in-depth analysis will also be invaluable to scholars of international relations and economics, as well as undergraduate and postgraduate students in international relations, political science and economics.
Author: Martin Heipertz
Publisher: Cambridge University Press
ISBN: 1139484354
Category : Political Science
Languages : en
Pages : 333
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Book Description
The Stability and Growth Pact (SGP) is central to Economic and Monetary Union (EMU) in Europe. Initiated by Germany in 1995 and adopted in 1997, it regulates the fiscal policies of European Union Member States. Following numerous violations of its deficit reference value, the Pact's Excessive Deficit Procedure was suspended in 2003. The decision to suspend was brought before the European Court of Justice in 2004 and the SGP then underwent painstaking reform in 2005. After a period of economic prosperity and falling budgetary deficits, the global economic crisis put the system under renewed stress. Ruling Europe presents a comprehensive analysis of the political history of the SGP as the cornerstone of EMU. It examines the SGP through different theoretical lenses, offering a fascinating study of European integration and institutional design. One cannot understand the Euro without first understanding the SGP.
Author: Antonio Fatás
Publisher: Centre for Economic Policy Research
ISBN: 9781898128779
Category : Business & Economics
Languages : en
Pages : 112
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Book Description
The fiscal policy framework of the EMU is in a states of crisis. Since the start of EMU, fiscal conditions in some member states have slipped considerably beyond the limits set by the Maastricht Treaty and the Stability and Growth Pact. It is clear that the preventive arm of the Stability and Growth Pact has failed to preclude excessive deficits. There is no shortage of proposals to reform the current fiscal framework in this crisis situation. They range from calls for softening their implementation, and to proposals for closer coordination of national fiscal policies. None of these proposals offers a convincing solution to the problem at the heart of the current crisis: how to balance the need for effective long-run fiscal stability in EMU with the need for short-run flexibility of fiscal policy in the member states. After a detailed analysis of the virtues and defects of the current fiscal framework, this report presents a proposal for reform that addresses this issue. The authors argue that EMU should move away from rigid fiscal rules for annual deficits towards a more judgmental process of monitoring the sustainability of fiscal policies. This approach is guided by three principles: independence, transparency, and legitimacy. Together wit the ability to assess the fiscal situation and outlook of each euro-area member state, they are the keys to designing a framework that provides enough flexibility and, at the same time, can build the required credibility and political support. The authors propose the creation of a Sustainability Council for the EMU, and independent body with the sole statutory task of safeguarding the sustainability of public finances in the euro area. The Sustainability Council regularly and openly reports to the public and the European Parliament its assessment of the member states' fiscal policies, taking into account past performance, current perspectives and the future course of fiscal policies. Its mandate is the counterpart of the ECB's principal task of maintaining price stability. However, the Sustainability Council has no operative role in fiscal policy; it relies solely on the pressure of informed public opinion to discipline national governments. The use of the instruments of fiscal policy is entirely left to the national governments, and the Sustainability Council can only be conceived as a judge of national public finances.
Author: Anders Aslund
Publisher: Cambridge University Press
ISBN: 1139464787
Category : Business & Economics
Languages : en
Pages : 228
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Book Description
Where is Europe going? In this 2007 collection, several prominent European economists offer essays on the five big challenges to the development of the European Union (EU). Namely, the new European Constitution, European finances and the euro, the need to boost economic growth, competition in both new member states and countries further to the East, and the goal of forming a cooperative and productive relationship with countries on the European periphery. The book includes essays by Charles Wyplosz, who argues that enlargement and deepening are not substitutes but complements; Vito Tanzi who questions the Keynesian foundation of the Growth and Stability Pact; Daniel Gros, who criticises the achievements within the Lisbon Agenda, as well as essays by Anders Aslund, who claims that Russian and Ukrainian oligarchs differ little from US 'robber barons'. The final two chapters discuss the EU's European Neighbourhood Policy and long-term economic integration in Eurasia. Listed in the Economist Top 100 Books of 2007.
Author: N. F. R. Crafts
Publisher: Cambridge University Press
ISBN: 9780521499644
Category : Business & Economics
Languages : en
Pages : 636
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Book Description
This compelling volume re-examines the topic of economic growth in Europe after the Second World War. The contributors approach the subject armed not only with new theoretical ideas, but also with the experience of the 1980s on which to draw. The analysis is based on both applied economics and on economic history. Thus, while the volume is greatly informed by insights from growth theory, emphasis is given to the presentation of chronological and institutional detail. The case study approach and the adoption of a longer-run perspective than is normal for economists allow new insights to be obtained. As well as including chapters that consider the experience of individual European countries, the book explores general European institutional arrangements and historical circumstances. The result is a genuinely comparative picture of post-war growth, with insights that do not emerge from standard cross-section regressions based on the post-1960 period.
Author: Pascal Fontaine
Publisher:
ISBN: 9789279715624
Category :
Languages : en
Pages : 106
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Book Description
What purpose does the EU serve? Why and how was it set up? How does it work? What has it already achieved for its citizens, and what new challenges does it face today? In a globalised world, can the EU compete successfully with other major economies while maintaining its social standards? How can immigration be managed? What will Europe’s role be on the world stage in the years ahead? Where will the EU’s boundaries be drawn? And what future is there for the euro? These are just some of the questions explored by EU expert Pascal Fontaine in this 2017 edition of his popular booklet Europe in 12 lessons. Pascal Fontaine is a former assistant to Jean Monnet and former professor at the Institut d’Études Politiques, Paris.
Author: Federiga Bindi
Publisher: Rowman & Littlefield
ISBN: 0815721560
Category : Political Science
Languages : en
Pages : 321
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Book Description
A Brookings Institution Press and Scuola Superiore della Pubblica Amministrazione (SSPA) publication As the European Union tries to increase both its visibility and its impact on the world stage, it cannot overlook the fact that until now enlargement has formed its most successful foreign policy. But is the EU's enlargement strategy still relevant today? Have the economic crisis and the speculative attack on the euro made the enlargement policy more uncertain? In The Frontiers of Europe, an international cast of leading experts and policymakers examine the EU's prospective borders from new perspectives. Indeed, the frontiers of Europe are as much a matter of values and the EU's international credibility as they are a matter of geographic definition. The contributors highlight the considerable yet different interests of the United States and Russia in the EU's enlargement strategy, paying special attention to the likely effects on the future of U.S.-EU relations. This comprehensive volume focuses not only on the European Union's outward expansion, but also on the internal dynamics within EU states and those states' abilities to deal with pressing issues such as terrorism, immigration, internal crime, and energy security. The EU must prioritize stability in both its enlargement strategy and its relations with the broader international neighborhood. The book raises a note of caution, however: as governance challenges increase, the EU's attention increasingly draws inward, thus diminishing its soft power. The Frontiers of Europe is important reading for anyone trying to understand the current geopolitical landscape of Europe and what it means for the rest of the world.
Author: Niclas Berggren
Publisher:
ISBN: 9789186107406
Category :
Languages : en
Pages : 49
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Book Description
Author: Anthony Annett
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
The Stability and Growth Pact has been a success in numerous EU countries, especially in guiding them toward underlying fiscal balance ahead of population aging. These countries tend to be smaller, subject to greater macroeconomic volatility, and reliant on a form of fiscal governance that emphasizes targets and contracts. Most of the new members share these characteristics. For the countries less compatible with the Pact, domestic governance reforms that increase the reputational costs for noncompliance can be useful complements to the fiscal framework.
Author: A. Brunila
Publisher: Springer
ISBN: 0230629261
Category : Business & Economics
Languages : en
Pages : 446
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Book Description
The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The contributions in this volume analyse the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications. The authors include academic economists, who provide insightful analysis, and policy makers who have contributed to the shaping of the pact and have a direct responsibility for its implementation. This book is the definitive source of reference on the SGP for academics, policy makes and economists.
