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The Political Stability and Growth Pact is Dead: Long Live the Economic Stability and Growth Pact

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  • PATRICK LEBLOND

Abstract

Euro area countries suspended the excessive deficit procedure (EDP) of the Stability and Growth Pact in November 2003. Surprisingly perhaps, long‐term European government bond‐holders did not react: yields barely moved. Owing to its political nature, the EDP does not matter for investors. What matters is the implicit economic pact that investors have made with Member State governments.

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  • Patrick Leblond, 2006. "The Political Stability and Growth Pact is Dead: Long Live the Economic Stability and Growth Pact," Journal of Common Market Studies, Wiley Blackwell, vol. 44(5), pages 969-990, December.
    • Handle: RePEc:bla:jcmkts:v:44:y:2006:i:5:p:969-990
    DOI: 10.1111/j.1468-5965.2006.00670.x
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    Cited by:

    1. Roman Goldbach & Christian Fahrholz, 2011. "The euro area's common default risk: Evidence on the Commission's impact on European fiscal affairs," European Union Politics, , vol. 12(4), pages 507-528, December.
    2. Ioannis Passas & Konstantina Ragazou & Eleni Zafeiriou & Alexandros Garefalakis & Constantin Zopounidis, 2022. "ESG Controversies: A Quantitative and Qualitative Analysis for the Sociopolitical Determinants in EU Firms," Sustainability, MDPI, vol. 14(19), pages 1-17, October.
    3. Patrick Leblond, 2011. "The Global Financial Crisis and the European Integration Project," CIRANO Working Papers 2011s-55, CIRANO.
    4. Davide VITTORI, 2013. "A political crisis in an economic tempest (January 2008 – December 2012)," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 4, pages 105-126, June.
    5. Ngai, Victor, 2012. "Stability and Growth Pact and Fiscal Discipline in the Eurozone," Working Papers 12-10, University of Pennsylvania, Wharton School, Weiss Center.

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