The Stability and Growth Pact

The Architecture of Fiscal Policy in EMU

  • Editors
  • Anne Brunila
  • Marco Buti
  • Daniele Franco

Table of contents

  1. Front Matter
    Pages i-xiv
  2. Introduction

    1. Anne Brunila, Marco Buti, Daniele Franco
      Pages 1-20
  3. Does EMU Need Fiscal Rules?

    1. Front Matter
      Pages 21-21
    2. Roel Beetsma
      Pages 23-52
    3. Matthew B. Canzoneri, Behzad T. Diba
      Pages 53-74
  4. Where Does the Pact Come From?

    1. Front Matter
      Pages 75-75
    2. Juergen Stark
      Pages 77-105
    3. Declan Costello
      Pages 106-136
  5. How Does the Pact Work?

    1. Front Matter
      Pages 137-137
    2. António J. Cabral
      Pages 139-157
    3. Jonas Fischer, Gabriele Giudice
      Pages 158-182
  6. ‘Close to Balance or in Surplus’: The Medium-Term Budgetary Targets

    1. Front Matter
      Pages 183-183
    2. Michael J. Artis, Marco Buti
      Pages 185-203
    3. Thomas Dalsgaard, Alain de Serres
      Pages 204-234
    4. Ray Barrell, Karen Dury
      Pages 235-255
  7. Fiscal Policy Coordination Under the Pact

    1. Front Matter
      Pages 157-257
  8. Public Debt Under the Stability and Growth Pact

    1. Front Matter
      Pages 311-311
    2. Massimo Rostagno, Javier Pérez-García, Paul Hiebert
      Pages 313-343
    3. Alessandro Missale
      Pages 344-368
  9. Were There Possible Alternatives?

    1. Front Matter
      Pages 369-369
    2. Fabrizio Balassone, Daniele Franco
      Pages 371-393
    3. Alessandra Casella
      Pages 394-413
  10. Back Matter
    Pages 414-439

About this book


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.


development fiscal policy growth

Bibliographic information

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Finance, Business & Banking