IDEAS home Printed from https://ideas.repec.org/a/cmj/seapas/y2013i1vutaa.html
   My bibliography  Save this article

From The Rules Of Stability And Growth Pact At Six – Pack: Financial Certainty

Author

Listed:
  • Mariana VUŢĂ

    (The Bucharest University of Economic Studies, Bucuresti, Romania)

Abstract

The world economic and financial crisis has shown that, within the European Union as well as the rest of the world, the situation of public finance is not stable even in the presence of a certain level of fiscal and budgetary coordination. Under these circumstances, even if the Lisbon Strategy would have been adopted at European level and an attempt to reach the established targets would have been put into practice after 2007, the year the crisis began, the necessity for starting new European projects which would lead to a better financial coordination and governing of the 27 EU states was acknowledged. If the Lisbon strategy planned for the EU to become the most competitive and dynamic knowledge-based economy by 2010, the slowdown of the economic growth, the increase in unemployment and public finance and banking issues have determined, after 2008, measures that would result in the economic recovery of European states. Starting from the actual situation, the present work wishes to highlight the position of public finance in EU countries, in the context of budgetary problems which interfered with the settlement of the stability and growth accord after 2007. In this context, this work will emphasize the causes that led to the improvement and revision of certain key-elements of the PSC, and also the consequences of their implementation.

Suggested Citation

  • Mariana VUŢĂ, 2013. "From The Rules Of Stability And Growth Pact At Six – Pack: Financial Certainty," SEA - Practical Application of Science, Romanian Foundation for Business Intelligence, Editorial Department, issue 1, pages 230-235, June.
  • Handle: RePEc:cmj:seapas:y:2013:i:1:vutaa
    as

    Download full text from publisher

    File URL: http://seaopenresearch.eu/Journals/articles/SPAS_1_26.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Giavazzi, Francesco & Alesina, Alberto & Favero, Carlo A., 2012. "The output effect of fiscal consolidations," CEPR Discussion Papers 9105, C.E.P.R. Discussion Papers.
    2. repec:hal:spmain:info:hdl:2441/1783 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bernd Hayo & Florian Neumeier, 2017. "Public Attitudes toward Fiscal Consolidation: Evidence from a Representative German Population Survey," Kyklos, Wiley Blackwell, vol. 70(1), pages 42-69, February.
    2. Vladimir Filipovski & Taki Fiti & Borce Trenovski, 2016. "Efficiency of the Fiscal Policy and the Fiscal Multipliers – The Case of the Republic of Macedonia," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 3-23.
    3. Jacques Le Cacheux, 2017. "Croissance potentielle : la politique économique au royaume des aveugles ?," Revue économique, Presses de Sciences-Po, vol. 68(HS1), pages 29-39.
    4. Philip R. Lane, 2013. "Growth And Adjustment Challenges For The Euro Area," The Economic and Social Review, Economic and Social Studies, vol. 44(2), pages 273-295.
    5. Taki Fiti & Biljana Tashevska, 2013. "The European Debt Crisis And Its Implications On The Macedonian Economy," Journal Articles, Center For Economic Analyses, pages 25-42, June.
    6. Wolters, Maik, 2013. "Möglichkeiten und Grenzen von makroökonomischen Modellen zur (exante) Evaluierung wirtschaftspolitischer Maßnahmen," Working Papers 05/2013, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    7. Roland Döhrn & György Barabas & Heinz Gebhardt & Martin Micheli & Svetlana Rujin & Lina Zwick, 2014. "Die wirtschaftliche Entwicklung im Inland: Aufschwung bleibt moderat," RWI Konjunkturbericht, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, pages 58, 03.
    8. Cogan, John F. & Taylor, John B. & Wieland, Volker & Wolters, Maik H., 2013. "Fiscal consolidation strategy," Journal of Economic Dynamics and Control, Elsevier, vol. 37(2), pages 404-421.
    9. Rongrong Sun, 2018. "A Narrative indicator of Monetary Conditions in China," International Journal of Central Banking, International Journal of Central Banking, vol. 14(4), pages 1-42, September.
    10. Alpanda, Sami & Aysun, Uluc & Kabaca, Serdar, 2024. "International portfolio rebalancing and fiscal policy spillovers," Journal of Economic Dynamics and Control, Elsevier, vol. 168(C).
    11. Anthony J. Makin, 2015. "Expansionary Versus Contractionary Government Spending," Contemporary Economic Policy, Western Economic Association International, vol. 33(1), pages 56-65, January.
    12. Osti, Davide, 2013. "The Macroeconomic Effects of Tax Changes: Evidence from Southern European Regions," MPRA Paper 79892, University Library of Munich, Germany.
    13. Christophe Blot & Marion Cochard & Jérôme Creel & Bruno Ducoudré & Danielle Schweisguth & Xavier Timbeau, 2014. "Fiscal consolidation in times of crisis: is the sooner really the better?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 159-192.
    14. Gomes, S. & Jacquinot, P. & Mestre, R. & Sousa, J., 2015. "Global policy at the zero lower bound in a large-scale DSGE model," Journal of International Money and Finance, Elsevier, vol. 50(C), pages 134-153.
    15. Massimiliano Agovino & Maria Ferrara, 2017. "Can civilian disability pensions overcome the poverty issue? A DSGE analysis for Italian data," Quality & Quantity: International Journal of Methodology, Springer, vol. 51(4), pages 1469-1491, July.
    16. repec:spo:wpmain:info:hdl:2441/f4rshpf3v1umfa09l92ah01s1 is not listed on IDEAS
    17. Dean Baker, 2014. "The enduring effects of the Great Recession on wage growth in the United States," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(2), pages 195-204, September.
    18. Alan J. Auerbach, 2014. "Budget Rules and Fiscal Policy: Ten Lessons from Theory and Evidence," German Economic Review, Verein für Socialpolitik, vol. 15(1), pages 84-99, February.
    19. repec:spo:wpmain:info:hdl:2441/f4rshpf3v1umfa09la925h1i9 is not listed on IDEAS
    20. Apostolis Philippopoulos & Petros Varthalitis & Vanghelis Vassilatos, 2017. "Fiscal Consolidation in an Open Economy with Sovereign Premia and without Monetary Policy Independence," International Journal of Central Banking, International Journal of Central Banking, vol. 13(4), pages 259-306, December.
    21. Projektgruppe Gemeinschaftsdiagnose, 2013. "Gemeinschaftsdiagnose Herbst 2013," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 80(43), pages 3-77.
    22. Muhamed Zulkhibri, 2019. "Sustainable Level Debt, Expansionary Austerity, and Fiscal Consolidation Theories: A Critical Analysis العجز الحكومي المستدام ونظريات التقشف التوسعي والدمج المالي: تحليل نقدي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(1), pages 111-118, January.

    More about this item

    Keywords

    Stability and growth pact; Six-Pack; Government debt; Government deficit;
    All these keywords.

    JEL classification:

    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • E69 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Other

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cmj:seapas:y:2013:i:1:vutaa. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Serghie Dan (email available below). General contact details of provider: https://seaopenresearch.eu/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.