Close‐to‐Balance or in Surplus
A Policy‐Maker's Guide to the Implementation of the Stability and Growth Pact
Bibliographic Data
| ID | 6282787 |
|---|---|
| Authors | Michael J Artis (European University Institute), Marco Buti (Directorate-General for Economic and Financial Affairs) |
| Year | 2000 |
| Volume | 38 |
| Issue | 4 |
| Pages | 563-591 |
| Publication date | 2000-11-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | JCMS Journal of Common Market Studies (JOURNAL) |
| Journal identifiers | ISSN: 0021-9886 • E-ISSN: 1468-5965 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/1468-5965.00254 |
| OpenAlex | W2083107230 |
| Language | EN |
| Citations received | 25 |
Under the Stability and Growth Pact, countries are committed to achieve medium‐term budget positions of ‘close‐to‐balance or in surplus’. The rationale for this commitment is that such budgetary positions would allow for the full working of the built‐in stabilizers without triggering the sanctions procedures of the Pact. This article sets out to show how quantifications of the medium‐term (structural) requirement can accommodate the desired aim and suggests how fiscal measurement and forecasting errors as well as the budgetary effects of ageing may be allowed for. All in all, broadly balanced budgets in the medium term appear to be ‘roughly right’ for most euro‐zone countries. Of course, as the cyclical behaviour of the euro‐zone economy adapts to the new EMU environment, the medium‐term targets will need to be addressed again
Balance (ability · Economics · European union · Fiscal policy · International economics · Macroeconomics · Medium term · Member states · Pact · Resizing · Sanctions · Stability (learning theory · Stability and Growth Pact · Term (time · Computer Science · European Monetary and Fiscal Policies · Fiscal Policies and Political Economy · Regional Development and Policy
European States and the Euro
Ruling Europe
An Agenda for a Growing Europe
The Euro and Labour Market and Wage Policies
Constitutionalizing Austerity
Why EMU Is—or May Be—Good for European Welfare States
Greece's New Political Economy
Economic and Social Governance in the Making
Budgeting and implementing fiscal policy in Italy
Deficit Targeting Strategies
Fiscal Governance in the Eurozone
Macroeconomic co-ordination in the euro area
What is European Economic and Monetary Union Telling us About the Properties of Optimum Currency Areas
Noncompliance risk, asymmetric power and the design of enforcement of the European economic governance
Maastricht’s Fiscal Rules at Ten
Bringing Macroeconomics Back into the Political Economy of Reform
The Open Method as a New Mode of Governance
Stabilizing Output and Inflation
Eurozone Governance in 2016
Soft law and sanctions
Economic and monetary union
Voting in EMU — An Experimental Study of Institutional Innovation and the Role of Communication in the Stability and Growth Pact
The Political Economy of Fiscal Policy Co-ordination in EMU
The 'Sense and Nonsense of Maastricht' Revisited
Can Fiscal Policy Co‐ordination be Made to Work Effectively
| Unique citing works | 25 |
|---|---|
| Citations per year | 1 |
| Citation span | 2001 - 2021 (21) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 24 |