Oxford Review of Economic Policy volume 19, issue 1, P100-111 2003 DOI: 10.1093/oxrep/19.1.100 View full text
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M. Buti

Abstract: The Stability and Growth Pact is under fire. Some countries are meeting major problems in sticking to the rules. Proposals to reform the Pact or ditch it altogether abound. The alleged weaknesses of the Pact tend to reflect trade-offs typical of supra-national arrangements. This aspect has to be factored in when considering reforms of the current fiscal rules: there is no miracle solution. EMU without rules would be an interesting experiment, but a risky policy option. Given the existing degree of political in…

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