analysis and the problems of public spending, debt and fiscal space. The fiscal model which was the pillar stone of the EMU …

size of deficit taking into account the two main rules of the Stability and Growth Pact on public finance. Unlike previous … policy, where the main features characterising the policy-making are similar to those in EMU. National governments choose the …

response to this exceptional situation the rules of the Stability and Growth Pact have been temporarily suspended. In the long …. There is widespread agreement that the regulations of the Stability and Growth Pact have become too confusing and too …, the Pact has not fulfilled its aim, a failure especially evident in the case of sovereign debt, which in some countries is …

Fiscal rules in general and the Stability and Growth Pact in particular are repeatedly used to effectively limit public …

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 … changes are required to current EMU institutions. Our scheme performs well in comparison with existing reform proposals and is …

European Union, and clarified in the Stability and Growth Pact (SGP), are probably the most contentious. The SGP is being …Ever since its inception EMU has been subject to controversy. The fiscal policy rules embedded in the Treaty on …

model for the period 1999-2004 and various election indicators we find strong evidence that the Stability and Growth Pact …

This paper examines the question whether joining EMU or the breach of the Stability and Growth Pact in 2003 had an … having joined EMU or after having breached the Pact in 2003. These results can be explained with the fact that the Pact was …