@prefix dcat: <http://www.w3.org/ns/dcat#> .
@prefix dct: <http://purl.org/dc/terms/> .
@prefix foaf: <http://xmlns.com/foaf/0.1/> .
@prefix vcard: <http://www.w3.org/2006/vcard/ns#> .
@prefix xsd: <http://www.w3.org/2001/XMLSchema#> .

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              This paper presents a critical assessment of the Stability and Growth Pact (SGP). Section 2 recalls the fiscal policy framework in the euro area. Section 3 provides an assessment of the first five years of the SGP. Section 4 addresses the weaknesses of the procedures: arbitrary criteria, insufficient economic policy co-ordination. Section 5 discusses European Commission's recent proposals: strengthening its influence on national fiscal policies; considering 'close-to-balance or in surplus' underlying budgetary positions. Section 6 discusses recent academic proposals: budgetary federalism, golden rule, permanent balance rule, public expenditure rule, fiscal policy committees, public debt surveillance... In section 7 we suggest that national budgetary policies should be responsible for managing the inflationproduction trade-off, under a medium term inflation objective, while monetary policy would target interest rates. This policy mix would give better outcomes in terms of economic stabilisation than the existing framework.
            """ ;
    dct:identifier "hal-00972861" ;
    dct:issued "2026-05-05T17:01:31.472672"^^xsd:dateTime ;
    dct:language "en" ;
    dct:modified "2026-05-05T17:01:31.472676"^^xsd:dateTime ;
    dct:publisher <https://rec.harvest-normandie.data4citizen.com/organization/cce9db95-46d9-4dc2-84b6-764215d0a002> ;
    dct:title "Reforming the Stability and Growth Pact: Breaking the Ice" ;
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            vcard:fn "CCSD" ] ;
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    dcat:keyword "infoeu-reposemanticspreprint",
        "preprints-working-papers-",
        "shsecohumanities-and-social-scienceseconomics-and-finance" ;
    dcat:landingPage <https://sciencespo.hal.science/hal-00972861> .

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    dct:issued "2026-05-05T17:01:31.473795"^^xsd:dateTime ;
    dct:modified "2026-05-05T17:01:31.465952"^^xsd:dateTime ;
    dct:title "Reforming the Stability and Growth Pact: Breaking the Ice" ;
    dcat:accessURL <https://sciencespo.hal.science/hal-00972861> .

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