Muscatelli, Anton; Natale, Piergiovanna; Tirelli, Patrizio - CESifo - 2003
ceilings envisaged in the Stability and Growth Pact. We advocate the adoption of deficit targets. National governments should …There have been widespread criticisms of EMU fiscal institutions. We consider a simple alternative to the deficit … rule. This ensures fiscal discipline and leaves room for stabilisation policies. For the rule to be credible, only small …