1. The Stability and Growth pPact
... form of a recommendation under Article 99(4) of the Treaty. The second Council regulation (1467/97) speeds up and clarifies the excessive deficit procedure from the Treaty. The pact adds definitions to terms such as "exceptional and temporary" and specifies the timeline for the excessive deficit procedure. It also ... EMU, by providing some elementary coordination of fiscal policy (Artis and Winkler, 1997). The recent problems with the SGP can be easily explained by elementary public debt dynamics. As the key indicator in the SGP is the budget deficit to GDP ratio, clearly a reduction i...
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- Grade Level: Graduate