To ensure a smooth functioning of the Economic and Monetary Union, the Stability and Growth Pact defines limits on national fiscal policies and encompasses the possibility to impose sanctions. This short piece explores the much under-examined issue of enforcement of the EU fiscal rules. In the...

The future direction of the Economic and Monetary Union (EMU) has been the subject of heated debate. Among those features pertaining to the reform of EMU, this chapter focuses on the EU fiscal rules. The discussion begins with an overview of the existing EU framework for fiscal and economic...