L’euro, il patto di stabilità e di crescita e la sua riforma

Schilirò, Daniele (2006): L’euro, il patto di stabilità e di crescita e la sua riforma.

Abstract

This contribution concerns the European monetary union and single currency, the eur. It addresses the issue of the Stability and Growth Pact and its recent reform by the European Council in March 2005. The debate on the reform of the Pact has focused on the contrast between rules and discretion, and, in particular, the role of fiscal policy, but also on its effect in respect of the ECB's monetary policy. The debate revealed a substantial lack of consensus on fiscal policy. Differences on the conduct of fiscal policy focused on the objectives, instruments and institutions. However, the reform of the Stability and Growth Pact tends to give precedence to an attitude of greater discretion in the conduct of fiscal policy by Member States. This paper highlights the significant critical point, in the new version of the Pact, to tolerate implicitly possible fiscal deficits that can be systematically higher in the euro area countrie. It also underlines the unresolved conflict between two important institutions: the Commission and the Council, and the need for independent institutions that are able to enforce tax rules.

• Item Type: MPRA Paper
• English Title: The euro, the stability and growth pact and its reform
• Language: Italian
• Keywords: Patto di Stabilità e Crescita; politica fiscale; euro; Unione monetaria europea
• Subjects: E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E62 - Fiscal Policy; F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F42 - International Policy Coordination and Transmission; H - Public Economics > H3 - Fiscal Policies and Behavior of Economic Agents > H30 - General; E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy; O - Economic Development, Innovation, Technological Change, and Growth > O5 - Economywide Country Studies > O52 - Europe

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