Share

Reforming the Stability and Growth Pact

2005-02-01 Business & Economics
Download Reforming the Stability and Growth Pact PDF Online Free

Author :
Release : 2005-02-01
Genre : Business & Economics
Kind : eBook
Book Rating : 481/5 ( reviews)

GET EBOOK


Book Synopsis Reforming the Stability and Growth Pact by : Mr.Michael Deppler

Download or read book Reforming the Stability and Growth Pact written by Mr.Michael Deppler. This book was released on 2005-02-01. Available in PDF, EPUB and Kindle. Book excerpt: A rules-based fiscal framework, such as the EU’s Stability and Growth Pact (SGP), can be an important bulwark against short-sighted policies. Although policies have improved following the SGP’s adoption, shortcomings remain. These, however, are rooted in the policies rather than the rules, where few changes seem necessary. Specifically, the Excessive Deficit Procedure needs a stronger focus on policies rather than outcomes, while staying operationally simple and transparent. Furthermore, reforms are needed to foster time-consistent national policies, budgetary transparency, and ownership of the Pact. Accordingly, parliaments should debate national Stability Programs and national fiscal councils should review these programs for parliaments.

A Proposal for Reforming the Stability and Growth Pact

2022
Download A Proposal for Reforming the Stability and Growth Pact PDF Online Free

Author :
Release : 2022
Genre :
Kind : eBook
Book Rating : /5 ( reviews)

GET EBOOK


Book Synopsis A Proposal for Reforming the Stability and Growth Pact by : Philippa Sigl-Glöckner

Download or read book A Proposal for Reforming the Stability and Growth Pact written by Philippa Sigl-Glöckner. This book was released on 2022. Available in PDF, EPUB and Kindle. Book excerpt: There is consensus that the Stability and Growth Pact (SGP) needs to evolve. In this paper, we put forward reform ideas aimed at reducing debt levels, enabling sustainable growth and strengthening Europe's sovereignty without a change in primary legislation. The current fiscal framework leads to a suboptimal trade-off between austerity and growth. Our proposals therefore focus on two ideas: first, putting more emphasis on the primary deficit in both the corrective and the preventive arm of the SGP; and second, simplifying and revising the preventive arm, in particular the estimation of potential output. These reforms would make the SGP more effective in reducing debt ratios, reduce the risk of contractionary austerity while allowing for growth, and contribute to economic convergence. A clearer focus of fiscal policy on primary deficits would also sharpen the distinction between fiscal and monetary policy, as monetary policy has no direct influence on the primary balance. Finally, we argue that substantive progress towards European sovereignty would require major reform. Given today's understanding of monetary policy transmission mechanisms, mechanically limiting sovereign credit at an arbitrary debt-to-GDP ratio seems particularly problematic as it can no longer be justified with the aim of avoiding fiscal dominance.

Reconciling Stability and Growth

2003-09-01 Business & Economics
Download Reconciling Stability and Growth PDF Online Free

Author :
Release : 2003-09-01
Genre : Business & Economics
Kind : eBook
Book Rating : 71X/5 ( reviews)

GET EBOOK


Book Synopsis Reconciling Stability and Growth by : Mr.Roel M. W. J. Beetsma

Download or read book Reconciling Stability and Growth written by Mr.Roel M. W. J. Beetsma. This book was released on 2003-09-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the decision of a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact. The model shows that a pact may harm structural reforms, sacrificing future growth for present stability. The welfare gains brought about by a pact depend on a trade-off between the reduction in the deficit bias and the induced reduction in the amount of structural reform. A pact becomes more attractive (“smarter”) if it takes into account the fiscal impact of structural reforms, in line with a recent proposal by the European Commission.

Between Growth and Stability

2008-01-01 Business & Economics
Download Between Growth and Stability PDF Online Free

Author :
Release : 2008-01-01
Genre : Business & Economics
Kind : eBook
Book Rating : 509/5 ( reviews)

GET EBOOK


Book Synopsis Between Growth and Stability by : Leila Simona Talani

Download or read book Between Growth and Stability written by Leila Simona Talani. This book was released on 2008-01-01. Available in PDF, EPUB and Kindle. Book excerpt: Very comprehensive and based on a detailed economic and political analysis, Between Growth and Stability is clearly a vital book for both students and seasoned economists. . . Thomas Bauwens, Bibliothèque Européenne Combining economic and political science perspectives, this timely and important book describes and analyses the circumstances and events leading to the demise and subsequent reform of the Stability and Growth Pact (SGP). Between Growth and Stability aims to find a solution to the dilemmas posed by fiscal policy coordination in the context of a single currency area, as well as contrasting the alternative heuristic frameworks and theoretical perspectives employed. It focuses particularly on the question of credibility, its definition and its meaning in the day-to-day workings of economic and monetary union. The book examines the actual performance of the SGP and proposes ways in which the integrity of European fiscal rule making might be improved in the future. This book will be essential reading for policymakers, politicians, members of European institutions and international organizations. The in-depth analysis will also be invaluable to scholars of international relations and economics, as well as undergraduate and postgraduate students in international relations, political science and economics.

Reforming the Stability and Growth Pact

2005
Download Reforming the Stability and Growth Pact PDF Online Free

Author :
Release : 2005
Genre :
Kind : eBook
Book Rating : /5 ( reviews)

GET EBOOK


Book Synopsis Reforming the Stability and Growth Pact by : Anthony Annett

Download or read book Reforming the Stability and Growth Pact written by Anthony Annett. This book was released on 2005. Available in PDF, EPUB and Kindle. Book excerpt:

You may also like...