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The ‘Sense and Nonsense of Maastricht’ Revisited: What Have we Learnt about Stabilization in EMU?

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  • WILLEM H. BUITER

Abstract

This retrospective argues that old criticisms of the Stability and Growth Pact survive intact, but emphasizes two further features. First, the Pact imposes constraints on national fiscal autonomy, but there are no clear cross‐border externalities that warrant debt and deficit limits. Second, the Pact cannot address E(M)U‐wide stabilization and the fiscal‐monetary policy mix.

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  • Willem H. Buiter, 2006. "The ‘Sense and Nonsense of Maastricht’ Revisited: What Have we Learnt about Stabilization in EMU?," Journal of Common Market Studies, Wiley Blackwell, vol. 44(4), pages 687-710, November.
    • Handle: RePEc:bla:jcmkts:v:44:y:2006:i:4:p:687-710
    DOI: 10.1111/j.1468-5965.2006.00658.x
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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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