The reform and implementation of the Stability and Growth Pact
Richard Morris, Hedwig Ongena, Ludger Schuknecht
Fiscal rules are instrumental for restraining deficit and spending biases in euro area Member States that could threaten the smooth functioning of Economic and Monetary Union (EMU). Ideally, fiscal...
Fiscal Discipline and Flexibility in EMU: The Implementation of the Stability and Growth Pact.
Buti, Marco, Franco, Daniele, Ongena, Hedwig
Fiscal discipline to safeguard the credibility of the single monetary authority and fiscal flexibility to respond to country-specific shocks are two core principles governing budgetary policy in EMU....