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EU Economic Governance: Less Might Work Better Than More
Author(s)
Date Issued
2010-12
Date Available
2015-02-19T12:35:44Z
Abstract
The European Commission has recently proposed a new package of reforms of the Stability and Growth Pact. The package contains a number of good proposals. In particular, the increased focus on debt ratios is a very positive suggestion though this should be strengthened further. However, some of the other proposals, such as the new principle of prudent fiscal management and the scoreboard for non-fiscal imbalances, are poorly thought out and perhaps unworkable. A smaller number of well-focused proposals may end up working better than this complex, and perhaps overly ambitious, package. And a coherent policy to allow for orderly sovereign defaults in Euro area member states would probably place more pressure, via bond markets, on states to get their fiscal houses in order than would the proposed system of fines.
Type of Material
Working Paper
Publisher
University College Dublin. School of Economics
Start Page
1
End Page
21
Series
UCD Centre for Economic Research Working Paper Series
WP10/41
Web versions
Language
English
Status of Item
Not peer reviewed
This item is made available under a Creative Commons License
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