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