Charles Wyplosz, 04 October 2010

Can the Eurozone’s Stability and Growth Pact be made to work? This column argues that the European Commission’s reform proposals for the pact include some good ideas but many bad ones. If adopted, it says the pact will not significantly advance fiscal discipline in the Eurozone but it could turn out to be a transition to an effective framework.

Michael Burda, Stefan Gerlach, 17 June 2010

While the Stability and Growth Pact had good intentions, it failed because nothing happened when governments broke the rules. This essay proposes an enhanced Pact with increased fiscal transparency, an independent committee of fiscal experts, and a 1% tax on new debt above the 60% debt-to-GDP ratio. This would redistribute the costs of running Europe from the countries that have their house in order to those that don’t.

Peter Bofinger, Stefan Ried, 20 May 2010

Current developments in Greece have raised doubts over the efficacy of the European Stability and Growth Pact. This column proposes a new framework for fiscal policy consolidation in Europe to deal with the ongoing fiscal exit and its related phenomena of crisis. On centre stage should be a European Consolidation Pact.

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