Maastricht's Fiscal Rules at Ten: An Assessment
26 Pages Posted: 28 Apr 2003
Abstract
The Maastricht Treaty is ten years old. Its fiscal rules played a key role in kickstarting and sustaining the budgetary retrenchment efforts in European Union countries in the run-up to economic and monetary union (EMU). The experience of the Maastricht-induced fiscal consolidation shows that the political economy dimension of the rules is key to their success. It remains to be seen whether the stability and growth pact - which aims to lock EMU members into a permanent fiscal discipline commitment while allowing for flexibility to cushion cyclical fluctuations - will work. In order to succeed in this undertaking, EU governments and institutions have to tackle a number of open issues in the implementation of the pact while recreating the political drive which made Maastricht a success.
Suggested Citation: Suggested Citation
Here is the Coronavirus
related research on SSRN
Recommended Papers
-
Fiscal Policy and Monetary Integration in Europe
By Jordi Galí and Roberto Perotti
-
Fiscal Policy and Monetary Integration in Europe
By Jordi Galí and Roberto Perotti
-
Revisiting the Stability and Growth Pact: Grand Design or Internal Adjustment?
By Marco Buti, Sylvester C. W. Eijffinger, ...
-
By Willem H. Buiter and Clemens Grafe
-
By Willem H. Buiter and Clemens Grafe
-
Fiscal Rules: Useful Policy Framework or Unnecessary Ornament?
-
Improving the Sgp Through a Proper Accounting of Public Investment
-
Consumption Smoothing Through Fiscal Policy in OECD and EU Countries
By Adriana Arreaza, Bent E. Sørensen, ...
-
By Jürgen Von Hagen and Guntram B. Wolff
Maastricht's Fiscal Rules at Ten: An Assessment
This is a Wiley Blackwell - Medium Tier paper. Wiley Blackwell - Medium Tier charges $49.00 .
File name: JCMS399.pdf
Size: 147K
If you wish to purchase the right to make copies of this paper for distribution to others, please select the quantity.
