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Towards a revision of the Stability and Growth Pact

Author

Listed:
  • Alberto Majocchi

    (Professor Emeritus of Public Finance at the University of Pavia)

  • Olimpia Fontana

    (Mario Albertini Fellow at Centro Studi sul Federalismo, Torino, Italy)

Abstract

After the pandemic, and the launch of NextGenerationEU (NGEU), a revision of the fiscal rules of the Stability and Growth Pact (SGP) and the Fiscal Compact is a necessity. The situation in the Union has changed dramatically, with the application of the general escape clause, and the financing of the NGEU through the issuance of €750 bn worth of bonds onto the market, notwithstanding that these are extraordinary and time-limited measures. [...] Paper prepared for the “Public debate on the review of the EU economic governance†launched by the European Commission.[...]

Suggested Citation

  • Alberto Majocchi & Olimpia Fontana, 2022. "Towards a revision of the Stability and Growth Pact," Policy Papers 49, Fondazione Centro Studi sul Federalismo.
    • Handle: RePEc:azz:ppaper:49
    as

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    File URL: https://www.csfederalismo.it/en/component/jdownloads/?task=download.send&id=13&catid=2&m=0&Itemid=216
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    More about this item

    Keywords

    Next Generation Eu; fiscal rules; Fiscal compact; European Commission;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • 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
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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