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Stability and Growth Pact of the European Union, the

Larch, Martin and Jonung, Lars LU (2016)
Abstract
While fiscal policy making in the EU is in the hands of national governments, it is to be carried out in accordance with commonly agreed rules: the Stability and Growth Pact (SGP). The SGP originates in the understanding that uncoordinated fiscal policy produces cross-border effects that can harm the functioning of the Economic and Monetary Union. For member states with an excessive deficit, that is, a general government deficit of more than 3 % of GDP, the SGP rules are more invasive. Since its inception in 1997, the SGP has undergone a series of amendments aimed at improving fiscal governance in the EU.
Please use this url to cite or link to this publication:
author
and
organization
publishing date
type
Chapter in Book/Report/Conference proceeding
publication status
published
subject
keywords
automatic stabilisers, discretionary fiscal policy, excessive deficit procedure, fiscal policy making, E6, H3, H6
host publication
The New Palgrave Dictionary of Economics
publisher
Palgrave Macmillan
ISBN
978-1-349-95121-5
DOI
10.1057/978-1-349-95121-5_2877-1
language
English
LU publication?
yes
id
c63f23c2-1050-4c39-8d4e-42549a9c5382
date added to LUP
2026-01-09 11:10:21
date last changed
2026-01-09 11:10:21
@inbook{c63f23c2-1050-4c39-8d4e-42549a9c5382,
  abstract     = {{While fiscal policy making in the EU is in the hands of national governments, it is to be carried out in accordance with commonly agreed rules: the Stability and Growth Pact (SGP). The SGP originates in the understanding that uncoordinated fiscal policy produces cross-border effects that can harm the functioning of the Economic and Monetary Union. For member states with an excessive deficit, that is, a general government deficit of more than 3 % of GDP, the SGP rules are more invasive. Since its inception in 1997, the SGP has undergone a series of amendments aimed at improving fiscal governance in the EU.}},
  author       = {{Larch, Martin and Jonung, Lars}},
  booktitle    = {{The New Palgrave Dictionary of Economics}},
  isbn         = {{978-1-349-95121-5}},
  keywords     = {{automatic stabilisers; discretionary fiscal policy; excessive deficit procedure; fiscal policy making; E6; H3; H6}},
  language     = {{eng}},
  month        = {{11}},
  publisher    = {{Palgrave Macmillan}},
  title        = {{Stability and Growth Pact of the European Union, the}},
  url          = {{http://dx.doi.org/10.1057/978-1-349-95121-5_2877-1}},
  doi          = {{10.1057/978-1-349-95121-5_2877-1}},
  year         = {{2016}},
}