Reforming the Stability and Growth Pact: Size and Influence in EMU Policymaking

Abstract

Size has affected the economic interests and policies of eurozone countries and has led to the formation of ‘alliances’ bringing together both states and EU institutions. The focus here is particularly on the Stability and Growth Pact, which is designed to protect the integrity of Economic and Monetary Union. Prior to reforms agreed in 2005, the Pact created deep rifts, as larger states, notably France and Germany, repeatedly violating its terms, whilst smaller states, including Austria and the Netherlands, respected its terms and steadfastly defended it. In acrimonious exchanges on the nature and future of the Pact, the European Central Bank took the position of the smaller states in defending ‘the original’ Pact.

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