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Fiscal Policy in Economic And Monetary Union: Theory, Evidence And Institutions

S.C.W. Eijffinger, Daniele Franco

Abstract

Foreword 1. EMU's Fiscal Rules in a Historical Perspective 2. The Maastricht Treaty and the Stability and Growth Pact 3. Medium-term Fiscal Targets 4. Cyclical Stabilisation 5. Interactions between Monetary and Fiscal Policies 6. Public Investment 7. Long-term Sustainability 8. Fiscal Federalism 9. Politics and the Pact 10. Fiscal Rules and Statistics 11. Reforming EMU's Fiscal Rules 12. National Budgets and the EU Budget 13. Postscript: A New Stability and Growth Pact? Bibliography.

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Key concepts: Stability and Growth Pact, Fiscal union, Fiscal sustainability, Fiscal federalism, Maastricht Treaty, Economics, Fiscal policy, Fiscal imbalance