How could the Stability and Growth Pact be simplified?
The complexity of the SGP, which may have contributed to its limited effectiveness, reflects largely the conflict between the need to make the original SGP rules more stringent and the desire to allow flexibility with respect to various country circumstances. Now that the effects of the largest economic shock since the 1930s are fading away, a major simplification of the system could be achieved by removing some margins of flexibility, while possibly relaxing some of the SGP long-term parameters. The coexistence of the MTO rule and the expenditure benchmark could also be reconsidered. A more radical solution would involve shifting to a single rule in which an “operational target” would respond to deviations of public debt from its long-term objective.
Analyse approfondie
Auteur externe
Carlo Cotterelli
À propos de ce document
Type de publication
Mot-clé
- allégement de la dette
- analyse économique
- FINANCES
- gouvernance
- gouvernance économique (UE)
- GÉOGRAPHIE
- géographie économique
- institution de l'Union européenne
- institutions de l'Union européenne et fonction publique européenne
- macroéconomie
- pacte de stabilité
- pouvoir exécutif et administration publique
- relations monétaires
- réforme institutionnelle
- transparence du processus décisionnel
- UNION EUROPÉENNE
- VIE POLITIQUE
- vie politique et sécurité publique
- zone euro
- ÉCONOMIE
- économie monétaire
- État membre UE