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Implementing the stability and growth pact : enforcement and procedural flexibility

Author: Roel M W J Beetsma; Xavier Debrun; International Monetary Fund. Fiscal Affairs Department,
Publisher: [Washington, D.C.] : International Monetary Fund, ©2005.
Series: IMF working paper, WP/05/59.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
The paper analyzes some key policy trade-offs involved in the implementation of the Stability and Growth Pact. Greater "procedural" flexibility in the Pact's implementation may improve welfare. Procedural flexibility designates the enforcer's room to apply judgment on underlying policies and to set a consolidation path that does not discourage high-quality measures. Budgetary opaqueness may hinder the qualitative  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Beetsma, Roel M.W.J.
Implementing the stability and growth pact.
[Washington, D.C.] : International Monetary Fund, ©2005
(OCoLC)58799564
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Roel M W J Beetsma; Xavier Debrun; International Monetary Fund. Fiscal Affairs Department,
ISBN: 9781451906141 1451906145
OCLC Number: 646889780
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (34 pages).
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/05/59.
Responsibility: prepared by Roel M.W.J. Beetsma and Xavier Debrun.

Abstract:

The paper analyzes some key policy trade-offs involved in the implementation of the Stability and Growth Pact. Greater "procedural" flexibility in the Pact's implementation may improve welfare. Procedural flexibility designates the enforcer's room to apply judgment on underlying policies and to set a consolidation path that does not discourage high-quality measures. Budgetary opaqueness may hinder the qualitative assessment of fiscal policy; therefore, better monitoring and greater transparency would increase the benefits from procedural flexibility. Overall, a simple deficit rule with conditional procedural flexibility can contain excessive deficits, lower unproductive spending, and increase high-quality outlays.

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