The Stability and Growth Pact: lessons from the great recession
"While current instruments of EU economic policy coordination helped stave off a full-scale depression, the post-2007 global financial and economic crisis has revealed a number of weaknesses in the Stability and Growth Pact, the EU framework for fiscal surveillance and fiscal policy coordinatio...
| Main Authors: | , , , |
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| Institution: | ETUI-European Trade Union Institute |
| Format: | TEXT |
| Language: | English |
| Published: |
Lund
2011
Lund University |
| Subjects: | |
| Online Access: | https://www.labourline.org/KENTIKA-19182815124919000979-The-Stability-and-Growth-Pact-.htm |
| _version_ | 1771659892440956930 |
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| author | Lund Univerty. Department of Economics Larch, Martin van den Noord, Paul Jonung, Lars |
| author_facet | Lund Univerty. Department of Economics Larch, Martin van den Noord, Paul Jonung, Lars |
| collection | Library items |
| description | "While current instruments of EU economic policy coordination helped stave off a full-scale depression, the post-2007 global financial and economic crisis has revealed a number of weaknesses in the Stability and Growth Pact, the EU framework for fiscal surveillance and fiscal policy coordination. This paper provides a diagnosis of how the SGP faired ahead and during the present crisis and offers a first comprehensive review of the ongoing academic and policy debate, including an account of the reform proposals adopted by the Commission on 29 September 2010. In our view, the current system of EU rules is unbalanced. It consists of (i) very specific provisions on how to conduct fiscal policy making in normal times with no effective enforcement mechanisms, and of (ii) no or extremely tight provisions for really bad economic times, like the Great Recession. A two-pronged approach as outlined in this report is needed to revive the Pact: tighter enforcement, coupled with broader macroeconomic surveillance, in good times and an open window for exceptionally bad times, including a crisis resolution mechanism at the EU level." |
| format | TEXT |
| id | 19182815124919000979_8e9ae0d4cf7840c9b228a88a7a8421c0 |
| institution | ETUI-European Trade Union Institute |
| is_hierarchy_id | 19182815124919000979_8e9ae0d4cf7840c9b228a88a7a8421c0 |
| is_hierarchy_title | The Stability and Growth Pact: lessons from the great recession |
| language | English |
| physical | 52 p. Digital |
| publishDate | 2011 |
| publisher | Lund Lund University |
| spellingShingle | Lund Univerty. Department of Economics Larch, Martin van den Noord, Paul Jonung, Lars economic policy economic recession EU policy euro European Union Stability Pact The Stability and Growth Pact: lessons from the great recession |
| thumbnail | https://www.labourline.org/Image_prev.jpg?Archive=115148093332 |
| title | The Stability and Growth Pact: lessons from the great recession |
| topic | economic policy economic recession EU policy euro European Union Stability Pact |
| url | https://www.labourline.org/KENTIKA-19182815124919000979-The-Stability-and-Growth-Pact-.htm |