The debate on the reform of the European Union's fiscal rules, the Stability and Growth Pact, has largely focused on … their design. This nearly exclusive focus has distracted attention from the equally, if not more, important aspects of … implementation. The reform, completed in April 2024, left implementation unaddressed, or at least open to very different potential …

burden. Introducing an expenditure rule along the lines of the EFB would, however, not necessarily and by itself alleviate …Against the background of the European Commission's reform plans of the Stability and Growth Pact (SGP) this policy … reform options from 2024 onwards. Next to a return to the existing and unreformed rules based on achieving the so …

did not prevent deficits and debt ratios that have threatened the stability of the monetary union in the past and that … fiscal risks and stabilizing output. Finally, the framework does not provide sufficient tools for EU-wide stabilization. This … balances at the national level (including undertaking or endorsing macroeconomic projections and performing DSAs to assess …

budget orthodoxy. The issue at stake is not only of political economy and institutional changes in the EU. It is also of …, the relationships between real interest rates, productivity and growth were not addressed.Albeit with a long recognition …The suspension of the fiscal rules in Europe and the enactment of NGEU provide an opportunity to rethink the inherited …

approach 100% on average. There are various calls to abolish or soften the Maastricht rules of limiting sovereign debt. We see … the risk of a new sovereign debt crisis in this decade if it is not possible to bring public debt down to an acceptable … level. Our new fiscal rule would be suitable and appropriate for this purpose, because obviously the Maastricht criteria …

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 … undermined from its beginning and only had a limited disciplining effect henceforth. Otherwise the breakout of the ongoing debt …

returns to scale and a better chance to address pan-European externalities. This applies to the entire EU, not only to the …The European debt crisis triggered a debate on the lacking components of the EU and EMU integration architecture. Many … believe that a common currency requires closer fiscal and political integration as a condition for its survival. This opinion …

From a retrospective perspective, effective future fiscal cooperation in Europe is not likely to stand a chance …. Focusing on the Stability and Growth Pact (SGP, the Pact), this paper studies the determinants of national policymakers … sheds light on the economic and political economy factors that contribute to national policymakers' aversion to a …

area is that it did not even follow moderate mainstream proposals but instead seemed to rely on radical and outdated … theoretical or purely ideological foundations. Germany as the most economically and politically influential member state of the …The Euro area is currently going through its worst period of recession and economic stagnation since the Great …

architecture of EMU would raise the question of Stackelberg leadership in a potentially damaging and unstable monetary …-budgetary game. (The ECB is not the Bundesbank). As there is no fiscal union, an ultimate choice between excessive ECB ease to help … the weakest country or default by one country appears possible …