IDEAS home Printed from https://ideas.repec.org/p/hal/wpaper/hal-00972878.html
   My bibliography  Save this paper

The Stability and Growth Pact: Stability without growth?

Author

Listed:
  • Catherine Mathieu

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Henri Sterdyniak

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

With the launch of economic and monetary union (EMU), a new frame-work for the conduct of economic policies in Europe has been implemented. The ECB's independence, the Stability and Growth Pact (SGP) and the focus on structural reforms show that'liberal'views have won over 'Keynesian'ones.The weaknesses of this framework soon emerged, however. The euro area remains a low growth area. Rigid rules lacking economic rationale have induced persistent tensions in Europe.

Suggested Citation

  • Catherine Mathieu & Henri Sterdyniak, 2007. "The Stability and Growth Pact: Stability without growth?," Working Papers hal-00972878, HAL.
    • Handle: RePEc:hal:wpaper:hal-00972878
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-00972878
    as

    Download full text from publisher

    File URL: https://sciencespo.hal.science/hal-00972878/document
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Jérôme Creel & Henri Sterdyniak, 1995. "Les déficits publics en Europe. Causes, conséquences ou remèdes à la crise ?," Revue Économique, Programme National Persée, vol. 46(3), pages 645-656.
    2. Franco Modigliani & Jean Paul Fitoussi & Beniamino Moro & Denis Snower & Robert Solo & Alfred Steinherr & Paolo Sylos Labini, 1999. "An Economist’s Manifesto on Unemployment in the European Union," Journal of Income Distribution, Ad libros publications inc., vol. 8(2), pages 1-1, December.
    3. repec:hal:spmain:info:hdl:2441/2965 is not listed on IDEAS
    4. Graham Bishop, 2003. "The Future of the Stability and Growth Pact," International Finance, Wiley Blackwell, vol. 6(2), pages 297-308, July.
    5. repec:hal:spmain:info:hdl:2441/3161 is not listed on IDEAS
    6. Jérôme Creel & Thierry Latreille & Jacques Le Cacheux, 2002. "Le Pacte de stabilité et les politiques budgétaires dans l'Union européenne," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 245-297.
    7. Bernard Delbecque, 2003. "Le Pacte de stabilité européen : une nécessité à court et à long terme," Regards économiques 13, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    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. Catherine Mathieu & Henri Sterdyniak, 2003. "Reforming the Stability and Growth Pact: Breaking the Ice," Documents de Travail de l'OFCE 2003-02, Observatoire Francais des Conjonctures Economiques (OFCE).
    2. repec:spo:wpmain:info:hdl:2441/1769 is not listed on IDEAS
    3. repec:hal:spmain:info:hdl:2441/1769 is not listed on IDEAS
    4. repec:spo:wpmain:info:hdl:2441/1933 is not listed on IDEAS
    5. repec:hal:spmain:info:hdl:2441/1933 is not listed on IDEAS
    6. repec:spo:wpmain:info:hdl:2441/5081 is not listed on IDEAS
    7. repec:hal:spmain:info:hdl:2441/5221 is not listed on IDEAS
    8. repec:hal:wpspec:info:hdl:2441/5081 is not listed on IDEAS
    9. repec:hal:spmain:info:hdl:2441/5081 is not listed on IDEAS
    10. Adama Diaw & Mamadou Diop, 2015. "Bilan de la dévaluation du Franc CFA et du Pacte de convergence dans l’UEMOA," Economics Working Paper Archive (University of Rennes & University of Caen) 201505, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
    11. repec:hal:spmain:info:hdl:2441/1783 is not listed on IDEAS
    12. repec:spo:wpmain:info:hdl:2441/5221 is not listed on IDEAS
    13. Jérôme Creel & Bruno Ducoudré & Catherine Mathieu & Henri Sterdyniak, 2005. "Doit-on oublier la politique budgétaire ?. Une analyse critique de la nouvelle théorie anti-keynésienne des finances publiques," Revue de l'OFCE, Presses de Sciences-Po, vol. 92(1), pages 43-97.
    14. Catherine Mathieu & Henri Sterdyniak, 2006. "Appendix 6 : The New Member States and the Stability and Growth Pact : Needs for adapting in the prospect of euro area membership," Working Papers hal-00972885, HAL.
    15. Bruno Ducoudré, 2005. "Fiscal policy and interest rates," Documents de Travail de l'OFCE 2005-08, Observatoire Francais des Conjonctures Economiques (OFCE).
    16. repec:hal:wpspec:info:hdl:2441/5468 is not listed on IDEAS
    17. Christian Saint-Etienne, 2005. "Finances publiques européennes : une réforme politiquement acceptable du Pacte de stabilité et de croissance," Revue d'Économie Financière, Programme National Persée, vol. 79(2), pages 333-348.
    18. repec:spo:wpecon:info:hdl:2441/5468 is not listed on IDEAS
    19. Christophe Blot, 2002. "Les politiques budgétaires au sein de l’UEM : entre convergence et asymétrie," Revue d'Économie Financière, Programme National Persée, vol. 69(5), pages 247-268.
    20. Schalck, Christophe, 2006. "Règles Budgétaires et Gestion du Policy-Mix dans l'UEM Budgetary Rules and Management of the Policy-Mix in the UME," MPRA Paper 1434, University Library of Munich, Germany, revised Oct 2006.
    21. repec:hal:wpspec:info:hdl:2441/1933 is not listed on IDEAS
    22. repec:spo:wpmain:info:hdl:2441/1783 is not listed on IDEAS
    23. repec:spo:wpecon:info:hdl:2441/1933 is not listed on IDEAS
    24. repec:spo:wpecon:info:hdl:2441/5081 is not listed on IDEAS
    25. repec:hal:spmain:info:hdl:2441/2086 is not listed on IDEAS
    26. repec:spo:wpmain:info:hdl:2441/2086 is not listed on IDEAS
    27. Beniamino Moro, 2005. "The economists "Manifesto" unemployment in the EU seven years later: which suggestions still hold?," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 58(233-234), pages 49-66.
    28. repec:hal:spmain:info:hdl:2441/5002 is not listed on IDEAS
    29. repec:spo:wpmain:info:hdl:2441/2082 is not listed on IDEAS
    30. Jerome Creel, 1998. "L'assainissement budgétaire au Danemark entre 1983 et 1986 : l'anti-mythe (in French)," Documents de Travail de l'OFCE 1998-02, Observatoire Francais des Conjonctures Economiques (OFCE).
    31. Sebastiano Fadda & Antonella Mennella & Pasquale Tridico, 2012. "Flessibilità e produttività: il caso del lavoro in somministrazione," Working Papers 0004, ASTRIL - Associazione Studi e Ricerche Interdisciplinari sul Lavoro.
    32. P. Sylos Labini, 1999. "The employment issue: investment, flexibility and the competition of developing countries," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 52(210), pages 257-280.
    33. Louis-Philippe Rochon & Guillaume Vallet, 2022. "The institutions of the people, by the people and for the people? Addressing central banks' power and social responsibility in a democracy," PSL Quarterly Review, Economia civile, vol. 75(301), pages 83-102.
    34. Alexandru Minea & Patrick Villieu, 2010. "Dette publique, croissance et bien-être : une perspective de long terme," Post-Print halshs-00672605, HAL.
    35. Michèle Belot & Jan C. van Ours, 2004. "Does the recent success of some OECD countries in lowering their unemployment rates lie in the clever design of their labor market reforms?," Oxford Economic Papers, Oxford University Press, vol. 56(4), pages 621-642, October.
    36. Marelli, Enrico, 1999. "Convergence and asymmetries in the employment dynamics of the European regions," ERSA conference papers ersa99pa120, European Regional Science Association.
    37. Jérôme Creel, 1999. "The stability pact and feedback policy effects," Working Papers hal-01064862, HAL.
    38. Jerome Creel, 2020. "Fiscal space in the euro area before Covid-19," Economics Bulletin, AccessEcon, vol. 40(2), pages 1698-1706.
    39. repec:hal:wpspec:info:hdl:2441/2086 is not listed on IDEAS
    40. repec:hal:spmain:info:hdl:2441/1423 is not listed on IDEAS
    41. repec:hal:spmain:info:hdl:2441/2082 is not listed on IDEAS
    42. Jerome Creel & Paola Monperrus-Veroni & Francesco Saraceno, 2005. "Discretionary Policy Interactions and the Fiscal Theory of the Price Level: A SVAR Analysis on French Data," Documents de Travail de l'OFCE 2005-12, Observatoire Francais des Conjonctures Economiques (OFCE).
    43. Matteo Luciani, 2004. "A VAR Model for the Analysis of the Effects of Monetary Policy in the Euro Area," Rivista di Politica Economica, SIPI Spa, vol. 94(6), pages 175-214, November-.

    More about this item

    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:hal:wpaper:hal-00972878. 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: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    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.