The Stability and Growth Pact: The Architecture of Fiscal Policy in EMU

List of Tables List of Figures Acknowledgements Notes on the Contributors Introduction; A.Brunila, M.Buti & D.Franco PART 1: DOES THE EMU NEED FISCAL RULES Does EMU Need a Stability Pact?; R.Beetsma The Stability and Growth Pact: a delicate balance or an albatross?; M.B.Canzoneri & B.T.Diba PART 2: WHERE DOES THE PACT COME FROM? Genesis of a Pact; J.Stark The Stability and Growth Pact: how did we get there?; D.Costello PART 3: HOW DOES THE PACT WORK? Main aspects of the working of the Stability and Growth Pact; A.J.Cabral Fiscal surveillance under the pact: the stability and Convergence Programmes; J.Fischer & G.Giudice PART 4: "CLOSE TO BALANCE OR IN SURPLUS": THE MEDIUM TERM BUDGETARY TARGETS Setting medium-term fiscal targets in EMU; M.J.Artis & M.Buti Estimating prudent budgetary margins for EU countries: a simulated SVAR model approach; T.Dalsgaard & A.de Serres The Stability and Growth Pact, will it ever be reached?; R.Barrell & K.Dury PART 5: FISCAL POLICY CO-ORDINATION UNDER THE PACT Fiscal policy, automatic stabilisers and policy co-ordination in EMU; M.Virén Should fiscal policy co-ordination go beyond the SGP?; S.Korkman PART 6: PUBLIC DEBT UNDER THE STABILITY AND GROWTH PACT Optimal debt under a deficit constraint; M.Rostagno, P.Hiebert & J.Pérez-Garcìa How should the debt be managed? Supporting the Stability Pact; A.Missale PART 7: WERE THERE POSSIBLE ALTERNATIVES? Public investment, the stability Pact and the 'Golden Rule'; F.Balassone & D.Franco Achieving fiscal discipline through tradable deficit permits; A.Casella Glossary References Index