current debate about the SGP. Specifically, greater "procedural" flexibility in the implementation of existing rules may … improve welfare, thus increasing the Pact’s political acceptability. Here, procedural flexibility designates the enforcer … from greater procedural flexibility. Overall, we establish that a fiscal pact based on a simple deficit rule with …

current debate about the SGP. Specifically, greater "procedural" flexibility in the implementation of existing rules may … improve welfare, thus increasing the Pact’s political acceptability. Here, procedural flexibility designates the enforcer … from greater procedural flexibility. Overall, we establish that a fiscal pact based on a simple deficit rule with …