Under numerical fiscal rules, such as those underpinning EMU, governments have strong temptations to use accounting …

It is widely recognised that fiscal policy will have greater responsibilities for cyclical stabilisation in the EMU …, given the loss of the monetary instrument at national level. At the same time, the EMU's budgetary framework emphasises the … stabilisation. Looking ahead, one of the challenges facing policy-makers will be how to design tax and welfare reforms which, while …

Under numerical fiscal rules, such as those underpinning EMU, governments have strong temptations to use accounting … credibility of EMU's fiscal rules. If properly implemented, the reformed Pact, which stresses durable adjustment and long …

the reader with a roadmap to EMU's budgetary framework by exploring its theoretical and empirical foundations, uncovering …1. EMU's fiscal rules in a historical perspective -- 2. The Maastricht Treaty and the Stability and Growth Pact -- 3 … -- 11. Reforming EMU's fiscal rules -- 12. National budgets and the EU budget -- 13. Postscript : a new stability and growth …