Hughes Hallett, Andrew; Lewis, John - In: Vierteljahrshefte zur Wirtschaftsforschung 73 (2004) 3, pp. 392-404
Prior to EMU, fiscal policy within the EU was disciplined by the threat of exclusion of the single currency; post-EMU …, discipline has been exerted through the provisions of the Stability and Growth Pact. In this paper, we contrast the discipline … the runup to EMU did lead to a marked increase in the probability of commencing consolidations. However, once inside EMU …