Author: JÜRGEN VON HAGEN
Published in PFM, Vol. 1 No. 1
The Stability and Growth Pact of the European Monetary Union
(EMU) has received much attention from macro economists in recent years.
Originally proposed by Germany’s then finance Minister Theo Waigel in an
attempt order to dilute the German public’s fears of a weak euro, the Pact
was received with sympathy by European policy makers. It was
incorporated into the legislation governing EMU at the Amsterdam Summit
of 1997. The Stability and Growth Pact adds more strength and precision to
the provisions of the Excessive Deficit Procedure of the Maastricht Treaty
and accelerates the relevant decision making procedures.
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