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Abstract:
Combining economic and political science perspectives, this important new book describes and analyses the circumstances and events leading to the demise and subsequent reform of the Stability and Growth Pact (SGP). It aims both to find a solution to the dilemmas posed by fiscal policy coordination in the context of a single currency area, as well as contrasting the alternative heuristic frameworks and theoretical perspectives employed. Focusing particularly on the question of credibility, its definition and its meaning in the day-to-day working of EMU, the book examines the actual performance of the SGP and proposes ways in which the integrity of European fiscal rule-making might be improved in the future.
This book will be essential reading for policymakers, politicians, members of European institutions and international organizations. The in-depth analysis will also be invaluable to scholars of international relations and economics, as well as undergraduate and postgraduate students in international relations, political science and economics.
Contents:
Introduction - Leila Simona Talani
1. Interests or Expectations? A Political Economy Model of the Credibility of Exchange Rate Agreements - Leila Simona Talani and Giorgio Fazio
2. Is the SGP Crisis also the Crisis of the EU? Assessing the EMU from a Structural, Transatlantic Perspective - Alan Cafruny and Magnus Ryner
3. A Dead Stability and Growth Pact and a Strong Euro: There Must be a Mistake! - Leila Simona Talani
4. Bringing Domestic Pressures Back into the Budget: Germany’s Stability Pact and the New Incentive Structure in EMU -Benedicta Marzinotto
5. Notes on the Reformed SGP: Creating and Implementing Effective Macroeconomic Frameworks - Robert Woods
6. The Revision of the Stability and Growth Pact: The Medium-Term Objective - Michael J. Artis and Luca Onorante
Conclusions: The Demise and Reform of the SGP and the Future of EMU: Towards the Disruption of the European Integration Process? - Leila Simona Talani
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