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101 Proposals To Reform The Stability And Growth Pact
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Book Synopsis 101 Proposals to Reform the Stability and Growth Pact by : Lars Jonung
Download or read book 101 Proposals to Reform the Stability and Growth Pact written by Lars Jonung and published by . This book was released on 2010 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The failure of key EU Member States to respect the provisions of the Stability and Growth Pact (SGP) a few years after its inception triggered a heated debate on how to reform the framework of fis-cal policy coordination in the Economic and Monetary Union (EMU). This paper analyzes 101 reform proposals presented by professional academic and non-academic economists prior to March 2005, when the Council of the European Union adopted a revised version of the SGP. Roughly four different schools of thought concerning the reform of the SGP are identified. In line with the main findings of the political economy literature, all four schools of thought share the view that in the absence of specific rules fiscal policy would lead to excessive deficits and hence af-fect the conduct of the common monetary policy. However, beyond this common denominator, there is no consensus on how best to co-ordinate fiscal policy. We present several explanations for the multitude of proposals, the most important being the present lack of a consensus in the economics profession concerning the role of fiscal policy. Econo-mists hold diverging views on the goals, instruments, efficiency and institutions for fiscal policy-making. This state of affairs is in sharp contrast to the case of monetary policy. Also, the euro area is the first case where monetary policy-making is centralized while fiscal policy-making is decentralized to national governments.
Book Synopsis 101 Proposals to Reform the Stability and Growth Pact by : Jonas Fischer
Download or read book 101 Proposals to Reform the Stability and Growth Pact written by Jonas Fischer and published by . This book was released on 2006 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The failure of key EU Member States to respect the requirements of the Stability and Growth Pact (SGP) a few years after its inception triggered a heated debate on how to reform the framework of fiscal policy coordination in the Economic and Monetary Union (EMU). This paper systematically analyzes 101 reform proposals presented by professional academic and non-academic economists prior to March 2005, when the Council of the European Union adopted a revised version of the SGP. Each proposal is characterized by a set of variables reflecting features such as the degree of modification of the SGP, the background of its author(s), the main aim attached to fiscal policy coordination in the EMU, the timing of the proposal and the type of proposal made. Using multivariate statistical analysis, roughly four different schools of thought concerning the reform of the SGP are identified. In line with the main findings of the political economy literature, all four schools of thought share the view that in the absence of specific rules fiscal policy would lead to excessive deficits and hence affect the conduct of the common monetary policy. However, beyond this common denominator, there is no consensus on how best to co-ordinate fiscal policy. Several explanations for the multitude of proposals are presented, the most important being the present lack of a consensus in the economics profession concerning the role of fiscal policy.
Book Synopsis 101 Proposals to Reform the Stability and Growth Pact by :
Download or read book 101 Proposals to Reform the Stability and Growth Pact written by and published by . This book was released on 2006 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The failure of key EU Member States to respect the requirements of the Stability and Growth Pact (SGP) a few years after its inception triggered a heated debate on how to reform the framework of fiscal policy coordination in the Economic and Monetary Union (EMU). This paper systematically analyzes 101 reform proposals presented by professional academic and non-academic economists prior to March 2005, when the Council of the European Union adopted a revised version of the SGP. Each proposal is characterized by a set of variables reflecting features such as the degree of modification of the SGP, the background of its author(s), the main aim attached to fiscal policy coordination in the EMU, the timing of the proposal and the type of proposal made. Using multivariate statistical analysis, roughly four different schools of thought concerning the reform of the SGP are identified. In line with the main findings of the political economy literature, all four schools of thought share the view that in the absence of specific rules fiscal policy would lead to excessive deficits and hence affect the conduct of the common monetary policy. However, beyond this common denominator, there is no consensus on how best to co-ordinate fiscal policy. Several explanations for the multitude of proposals are presented, the most important being the present lack of a consensus in the economics profession concerning the role of fiscal policy.
Book Synopsis Fiscal Policy, Stabilization, and Growth by : Guillermo E. Perry
Download or read book Fiscal Policy, Stabilization, and Growth written by Guillermo E. Perry and published by World Bank Publications. This book was released on 2007-10-19 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As a result, fiscal policy has often amplified cyclical volatility and dampened growth. 'Fiscal Policy, Stabilization, and Growth' explores the conduct of fiscal policy in Latin America and its consequences for macroeconomic stability and long-term growth. In particular, the book highlights the procyclical and anti-investment biases embedded in the region's fiscal policies, explores their causes and macroeconomic consequences, and asesses their possible solutions.
Book Synopsis Governing the Euro Area in Good Times and Bad by : Dermot Hodson
Download or read book Governing the Euro Area in Good Times and Bad written by Dermot Hodson and published by Oxford University Press. This book was released on 2011-08-25 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Can the euro area survive without a more centralized economic policy? What lessons can be drawn from Economic and Monetary Union about new modes of policy-making in the European Union? Have euro area members spoken with one voice on the international stage and what does this mean for the European Union's ambitions to be a global actor in its own right? This book explores these three key questions through an in-depth analysis of euro area governance from the launch of the single currency in 1999 to the sovereign debt crisis of 2010. Drawing insights from the study of European Union politics, comparative political economy and international political economy, it examines: Economic and Monetary Union's break from the Community method of policy-making; the European Central Bank's ambivalence about the pursuit of ever closer union; the Eurogroup's rise and fall as a forum for economic policy coordination; the interplay between national fiscal institutions and the stability and growth pact; the broad economic policy guidelines' failure to apply peer pressure; the European Union's influence within the G20 and the International Monetary Fund at the height of the global financial crisis; euro diplomacy towards China and other rising powers; and current debates about the fate of EMU and the reform of euro area governance in the aftermath of the global financial crisis. The book's conclusions challenge claims that the euro area is in crisis because of its decentralized approach to decision-making alone and the corollary that the euro can be saved only through a further transfer of sovereignty to the supranational level.
Download or read book Ruling Europe written by Martin Heipertz and published by Cambridge University Press. This book was released on 2010-03-18 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the fraught history and politics of the Stability and Growth Pact from its origins to the present economic crisis.
Download or read book The Euro at Ten written by Kenneth Dyson and published by Oxford University Press. This book was released on 2008-09-04 with total page 495 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Euro Area is ten years old. This major new reappraisal by some of the world's leading scholars examines the effects of the new European single currency on the member states of the European Union in its first decade.
Download or read book In the Red written by Zsofia Barta and published by University of Michigan Press. This book was released on 2018-03-06 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do rich countries flirt with fiscal disaster? Between the 1970s and the 2000s, during times of peace and prosperity, affluent countries—like Belgium, Greece, Italy, and Japan—accumulated so much debt that they became vulnerable and exposed themselves to the risk of default. In the past three decades, an extensive scholarly consensus emerged that these problems were created by fiscal indiscipline, the lack of sufficient concern for budgetary constraints from policy makers as they try to please voters. This approach formed the foundation for the fiscal surveillance system that attempted to bring borrowing in European countries under control via a set of fiscal rules. In the Red demonstrates that the problem of sustained, large-scale debt accumulation is an adjustment issue rather than a governance failure. Irrespective of whether the original impetus for borrowing arose from exogenous changes or irresponsible decision making, policy makers invariably initiate spending cuts and/or tax increases when debt grows at an alarming rate for several years in a row. Zsófia Barta argues that explaining why some countries accumulate substantial amounts of debt for decades hinges on understanding the conditions required to allow policy makers to successfully put into place painful adjustment measures.
Book Synopsis Institutional trust and economic policy Lessons from the history of the Euro by : Dóra Győrffy
Download or read book Institutional trust and economic policy Lessons from the history of the Euro written by Dóra Győrffy and published by Central European University Press. This book was released on 2013-03-30 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book seeks to link theoretical debates on the relevance of trust in economic outcomes with the current arguments about the origins and lessons of the subprime crisis. By what mechanisms does trust influence economic outcomes? Under what conditions do these mechanisms prevail? How do debates about trust help our understanding of the subprime crisis in the European Union? By integrating insights from Post-Keynesian, Austrian and new institutional economics, the central proposition of the analysis is that the presence or absence of institutional trust creates virtuous and vicious cycles in law-abiding, which critically influence the possibility for economic agents to have realistic long-term plans.
Book Synopsis Pension Systems, Ageing and the Stability and Growth Pact by : Roel Beetsma
Download or read book Pension Systems, Ageing and the Stability and Growth Pact written by Roel Beetsma and published by . This book was released on 2007 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how the Stability and Growth Pact may cope with the future costs of population ageing in the European Union. Clearly, population ageing has forced countries to reform their pension systems, and will continue to do so, both by reducing the generosity of pension arrangements and by switching to funding rather than relying on pure pay-as-you go pension provision. We study how such reforms affect the room for adhering to the Pact, but also how the Pact may induce or hamper the incentives for reform. In our analysis we will draw on recent literature on the Pact and on the pensions and the ageing problem. We will also calibrate a simple model for addressing intergenerational equity.
Book Synopsis Sustainable Value Creation in the European Union by : Beate Sjåfjell
Download or read book Sustainable Value Creation in the European Union written by Beate Sjåfjell and published by Cambridge University Press. This book was released on 2022-12-15 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union Treaty after Lisbon emphasises the overarching objectives of sustainable development and a highly competitive social market economy, aiming at full employment, high levels of environmental protection and social progress. Yet, in 2022, it is clear that these ambitions have not been fully achieved. The ongoing pandemic, the continuing fall-out from Brexit and the resulting economic damage, a Grexit avoided, and potential other exits from the EU, have come to undermine the political consensus of the idea of a European Union. Amidst these challenges, the debates on how to achieve the UN Sustainable Development Goals have turned towards demanding more sustainable economic policies, financial investments and business actions. The present volume provides a much-needed space for in-depth discussion of the concept of sustainable value creation and how it can be achieved within the ecological limits of our planet, through the prism of an interdisciplinary concept of sustainability.
Book Synopsis Political and Economic Dynamics of the Eurozone Crisis by : James A. Caporaso
Download or read book Political and Economic Dynamics of the Eurozone Crisis written by James A. Caporaso and published by Oxford University Press. This book was released on 2016-02-25 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first book to provide a full and dispassionate account of the politics and economics of the Eurozone crisis, focusing on the interlinked origins and impacts of the Euro-Zone crisis and the policy responses to it. The book is distinguished from existing research by its avoidance (and rejection) of the too-often simplistic analysis that has characterized political, media and regrettably some academic coverage, and by its attempt to escape from the tyranny of day-to-day events and short-term developments. Each of the contributors identifies an important question and undertakes a careful empirical, theoretically-informed analysis that produces novel perspectives. Together they seek to balance many of the existing accounts that have rushed to sometimes unwarranted conclusions, concerning, for example, the locus of institutional power in European crisis-management; the power and centrality of particular member states, notably Germany which has been attributed with 'hegemonic' status; the supposed entrapment of EU policy makers by an 'austerity ideology'; and the deep flaws that apparently afflict the solutions to the crisis put painstakingly in place, such as Banking Union. While it will be some time before the EU can put the crisis behind it, and the dust finally settles on the revised institutional system that emerges, The Political and Economic Dynamics of the Eurozone Crisis marks an important step towards a considered, reflective analysis of the tumultuous events and developments of the crisis period.
Author :Jacobus Johannes Maria Jansen Publisher :Kluwer Law International B.V. ISBN 13 :9041134034 Total Pages :274 pages Book Rating :4.0/5 (411 download)
Book Synopsis Fiscal Sovereignty of the Member States in an Internal Market by : Jacobus Johannes Maria Jansen
Download or read book Fiscal Sovereignty of the Member States in an Internal Market written by Jacobus Johannes Maria Jansen and published by Kluwer Law International B.V.. This book was released on 2011-01-01 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book deals with national sovereignty of Member States in tax matters, and the tensions created by the fact that the decisions by the European Court of Justice requires them to exercise consistently with the Community law. Contributions in the book cover a variety of critical issues, including the current and possible future effects of the internal market on the fiscal sovereignty of Member States; the limits that European law imposes on Member States' policy sovereignty in matters of international tax law; the effect of European law on taxes levied by local authorities; and the consequences the Treaty of Lisbon may have for Member States' fiscal sovereignty.
Book Synopsis Fiscal Sovereignty of the Member States in an Internal Market by : Sjaak Jansen
Download or read book Fiscal Sovereignty of the Member States in an Internal Market written by Sjaak Jansen and published by Kluwer Law International B.V.. This book was released on 2010-12-15 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although EU Member States have retained national sovereignty in tax matters, a consistent line of decisions by the European Court of Justice requires them to exercise these powers consistent with superseding Community law. In other words, the Member States are not wholly autonomous. This in turn creates serious tensions. This timely resource covers a variety of critical issues, including the current and possible future effects of the internal market on the fiscal sovereignty of Member States; the limits that European law imposes on Member States’ policy sovereignty in matters of international tax law; the effect of European law on taxes levied by local authorities; and the consequences the Treaty of Lisbon may have for Member States’ fiscal sovereignty.
Book Synopsis European Economic Governance by : Fabio Masini
Download or read book European Economic Governance written by Fabio Masini and published by Springer Nature. This book was released on 2022-10-08 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the economic theories and policies that underline the governance of the European Union. Through exploring the history of European economic governance and how this framework has evolved over time, it contextualises theoretical influences, policy debates surrounding the European Union and its instruments of governance, including the European Semester, Six Pack, Two Pack, and Fiscal Compact. Forthcoming reforms to fiscal rules and the economic policy architecture of the European Union are also discussed, with a particular focus on the impact of the COVID-19 pandemic. This book aims to give readers a broad understanding of the framework and dynamics that define European economic governance. It will be relevant to researchers and policymakers interested in the European political economy.
Book Synopsis Europe and the Euro by : Alberto Alesina
Download or read book Europe and the Euro written by Alberto Alesina and published by University of Chicago Press. This book was released on 2010-04-15 with total page 477 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is rare for countries to give up their currencies and thus their ability to influence such critical aspects of their economies as interest and exchange rates. Yet ten years ago a number of European countries did exactly that when they adopted the euro. Despite some dissent, there were a number of arguments in favor of this policy change: it would facilitate exchange of goods, money, and people by decreasing costs; it would increase trade; and it would enhance efficiency and competitiveness at the international level. A decade is an ideal time frame over which to evaluate the success of the euro and whether it has lived up to expectations. To that aim, Europe and the Euro looks at a number of important issues, including the effects of the euro on reform of goods and labor markets; its influence on business cycles and trade among members; and whether the single currency has induced convergence or divergence in the economic performance of member countries. While adoption of the euro may not have met the expectations of its most optimistic proponents, the benefits have been many, and there is reason to believe that the euro is robust enough to survive recent economic shocks. This volume is an essential reference on the first ten years of the euro and the workings of a monetary union.
Book Synopsis Steps Towards a Deeper Economic Integration by : Fabienne Ilzkovitz
Download or read book Steps Towards a Deeper Economic Integration written by Fabienne Ilzkovitz and published by . This book was released on 2007 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: 1. Introduction - 2. The changing environment of the internal market - 3. Empirical evidence on the effects of the internal market - 4. Why has the potential of the internal market not been fully exploited? - 5. Reflections on the internal market in the 21st century.
