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dc.contributor.authorWenzel, Heinz-Dieteren_US
dc.contributor.authorLackenbauer, Jörgen_US
dc.contributor.authorBrösamle, Klaus J.en_US
dc.description.abstractMonetary policy and fiscal policy are connected in various ways. This is why the adoption of the Euro as a common European currency has been accompanied by the setup of the European Union's Stability and Growth Pact, a framework for the coordination of the EU countries' fiscal policies. In this paper, we provide a short overview of the SGP's history of origins and the degree to which the EU Member States adhered to it. Further, we analyse what effects public debt and public deficits have and whether, after all, public debt should be limited in one way or the other. Along these lines, the case for budgetary policy coordination in the special context of the Economic and Monetary Union is presented. After looking at the current SGP framework, we shed light on its main shortcomings and present various reform proposals, all of which are critically questioned. Finally, we present a case for a more flexible country-by-country approach to the interpretation of the deficit criterion (based on some simple algebra).en_US
dc.relation.ispartofseriesBERG working paper series on government and growth 50en_US
dc.subject.keywordStability and Growth Pact (SGP)en_US
dc.subject.keywordpublic debten_US
dc.subject.keywordpublic deficitsen_US
dc.subject.keywordfiscal policyen_US
dc.subject.keywordpolicy coordinationen_US
dc.subject.keywordMaastricht criteriaen_US
dc.subject.stwÖffentliche Schuldenen_US
dc.subject.stwInternationale wirtschaftspolitische Koordinationen_US
dc.titlePublic Debt and the Future of the EU's Stability and Growth Pacten_US
dc.typeWorking Paperen_US
Appears in Collections:BERG Working Paper Series, Universität Bamberg

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