The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. It sets the rules of fiscal policy behaviour by EU and Euro area member countries, organises the multilateral fiscal monitoring, spells out the discipline requirement of the Maastricht Treaty and specifies the sanctions to be applied in case of budgetary misbehaviour. In short, the SGP, together with norms insuring ECB independence, is the main building block of 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.
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(216mm x 140mm x 30mm)
Publisher: Palgrave Macmillan
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Author Biography - Anne Brunila
MICHAEL J. ARTIS European University Institute FABRIZIO BALASSONE Research Department, Bank of Italy RAY BARRELL National Institute for Economic and Social Research ROEL BEETSMA University of Amsterdam and CEPR ANTONIO J. CABRAL Directorate-General for Economic and Financial Affairs, European Commission MATTHEW B. CANZONIERI Georgetown University ALESSANDRA CASELLA Columbia University DECLAN COSTELLO Directorate-General for Economic and Financial Affairs, European Commission THOMAS DALSGAARD Organisation for Economic Co-operation and Development BEHZAD T. DIBA Georgetown University KAREN DURY National Institute for Economic and Social Research JONAS FISCHER Directorate-General for Economic and Financial Affairs, European Commission GABRIELE GIUDICE Directorate-General for Economic and Financial Affairs, European Commission PAUL HIEBERT European Central Bank SIXTEN KORKMAN Council of the European Union ALESSANDRO MISSALE University of Florence JAVIER PEREZ-GARCIA European Central Bank MASSIMO ROSTAGNO European Central Bank ALAIN DE SERRES Organisation for Economic Co-operation and Development JUERGEN STARK Bundesbank MATTI VIREN University of Turku and Bank of Finland