The stability and growth pact : the architecture of fiscal policy in EMU

Abstract

List of Tables List of Figures Acknowledgements Notes on the Contributors Introduction A.Brunila, M.Buti & D.Franco PART 1: DOES THE EMU NEED FISCAL RULES Does EMU Need a Stability Pact? R.Beetsma The Stability and Growth Pact: a delicate balance or an albatross? M.B.Canzoneri & B.T.Diba PART 2: WHERE DOES THE PACT COME FROM? Genesis of a Pact J.Stark The Stability and Growth Pact: how did we get there? D.Costello PART 3: HOW DOES THE PACT WORK? Main aspects of the working of the Stability and Growth Pact A.J.Cabral Fiscal surveillance under the pact: the stability and Convergence Programmes J.Fischer & G.Giudice PART 4: CLOSE TO BALANCE OR IN SURPLUS: THE MEDIUM TERM BUDGETARY TARGETS Setting medium-term fiscal targets in EMU M.J.Artis & M.Buti Estimating prudent budgetary margins for EU countries: a simulated SVAR model approach T.Dalsgaard & A.de Serres The Stability and Growth Pact, will it ever be reached? R.Barrell & K.Dury PART 5: FISCAL POLICY CO-ORDINATION UNDER THE PACT Fiscal policy, automatic stabilisers and policy co-ordination in EMU M.Viren Should fiscal policy co-ordination go beyond the SGP? S.Korkman PART 6: PUBLIC DEBT UNDER THE STABILITY AND GROWTH PACT Optimal debt under a deficit constraint M.Rostagno, P.Hiebert & J.Perez-Garcia How should the debt be managed? Supporting the Stability Pact A.Missale PART 7: WERE THERE POSSIBLE ALTERNATIVES? Public investment, the stability Pact and the 'Golden Rule' F.Balassone & D.Franco Achieving fiscal discipline through tradable deficit permits A.Casella Glossary References Index

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