Coeuré, Benoît; Pisani-Ferry, Jean - 2005
institutions of EMU, to confront the framework in place with what is known of the desirable properties of fiscal policy in a … monetary union, and to discuss possible improvements. It is organised as follows. In section 2, we discuss the EMU fiscal … framework. In section 3, we describe EMU fiscal policy since 1999 and we assess the effectiveness of the SGP. In section 4, we …