The Stability and Growth Pact - Has It a Future?

In: Studia diplomatica: Brussels journal of international relations, Band 57, Heft 6, S. 57-72

Abstract

The Stability & Growth Pact (SGP) grew out of concerns of some Member States (especially Germany at the time) regarding the permanence of budgetary discipline in the Economic & Monetary Union (EMU). However, since its adoption, many things have changed. The fundamentals of the pact have been strongly contested during the last years. One can thus wonder whether it has a real future. This question requires firstly a reminder about the origins of the pact (section 1), secondly an inventory of the problems appeared during the last years (section 2), & then an analysis about the recent Commission's propositions (section 3). The least that can be said is that the future is not obvious. Adapted from the source document.