EU Economic Governance

Publication: White Paper No. 26, 2010
Topic Area: Macro Finance
Authors: Stefan Gerlach
Date: Dec 2010
Keywords: Stability and Growth Pact, Excessive Imbalance Procedure, national fiscal frameworks

This paper is part of a compilation of five briefing papers from the ECON Monetary Expert Panel. These experts help the European Parliament identify critical missing or redundant/unworkable elements within the extensive legislative package introduced by the Commission on the 29th of September 2010 on governance reform. The paper identifies some areas where the proposals continue to be unrealistic in their present design (e.g. debt criterion) or too vague (e.g. the MTOs, national fiscal frameworks). Issues such as procyclicality, maturity structures of debt and transition arrangements also deserve more attention.

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