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The Stability and Growth pPact

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 implements a system of non-interest bearing deposits for transgression of the guidelines or non-implementation of EU recommendations and the possibility of converting these deposits into fines if satisfactory action is not taken after two years. .
             The resolution made at the Amsterdam European Council meeting is not a Treaty document, but essentially invites all participants to abide by the Treaty and the Stability and Growth pact in a strict and timely manner. The resolution refers to the Council regulations "as a rule,", as an automatic procedure was ruled out as it would go beyond the terms of the original Maastricht Treaty [this sentence is a bit unclear; could you look at it?]. The fact that the SGP is not a Treaty document is puzzling (Crowley 2002), as it could be interpreted as implying that the SGP is not as unassailable as Treaty contents, implying that the SGP can be scrapped or changed with a qualified majority vote of the Council. The penalties and fines in the SGP, however, are more severe than anything included in the Maastricht Treaty.
             The last component of the pact consists of an opinion given by the Monetary Committee during 1998 and endorsed by Ecofin in October of the same year. The opinion essentially gave the "medium term" adjustment to budgetary positions close to balance or in surplus a timeline, specifying that by the end of 2002 the adjustment should be complete ( - this deadline has been extended to 2005), and also that the assessment of completion of the adjustment should take into account the business cycle and therefore the cyclically- adjusted (or structural) budgetary position. .
            


Essays Related to The Stability and Growth pPact

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  • Word Count: 1952
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2. Moisture & Atmospheric Stability

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3. australia's economic growth

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  • Word Count: 1054
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5. The Threat of Technological Growth

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6. Stability and Violence in Indonesia

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7. International Trade and Economic Growth

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8. How could peace and stability in Europe be best achieved?

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  • Word Count: 911
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