Crowley, Patrick M. (2005) "The Stability and Growth Pact: Bad Economics and/or the Politics of Least Resistance?". In: UNSPECIFIED, Austin, Texas. (Unpublished)
Since the December 2003 decision not to apply the penalties embodied in the Stability and Growth Pact (SGP), considerable doubts have emerged as to the meaning, purpose and e¤ectiveness of the pact. The European Commission decided to challenge the decision to hold the coercive elements of the SGP in abeyance, by pursuing a case in the European Court of Justice, but even so, there is some doubt as to whether the fines and penalties in the pact can ever be properly enforced. This paper takes both a back-wards and forwards look at the SGP, and provides some insights into the purpose, pitfalls, and future evolution of the pact. The paper takes an economic, psychological, and political economy approach to the pact, and makes evaluations and predictions about future options for the reform or replacement of the SGP.
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