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The second death of the Stability Pact and the birth of an inter-governmental Europe. CEPS Commentary 28 July 2016

Gros, Daniel. (2016) The second death of the Stability Pact and the birth of an inter-governmental Europe. CEPS Commentary 28 July 2016. [Policy Paper]

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Abstract

When the economic governance mechanisms were revised some years ago, it was decided to tighten the rules against excessive deficits, empowering the Commission with the right to propose fines of up to 0.2% of GDP on any Member State that had failed in its obligation to reduce its fiscal deficit and to bring it gradually back down, to below 3% of GDP. Portugal and Spain had clearly not done so last year. Any proposal by the Commission to impose a fine would have been final unless the Finance Ministers were able to muster a 2/3 majority against the proposal.

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Item Type: Policy Paper
Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > Stability and Growth Pact
EU policies and themes > Policies & related activities > economic and financial affairs > economic policy
Subjects for EU documents: UNSPECIFIED
EU Series and Periodicals: UNSPECIFIED
EU Annual Reports: UNSPECIFIED
Series: Series > Centre for European Policy Studies (Brussels) > CEPS Commentaries
Depositing User: Phil Wilkin
Official EU Document: No
Language: English
Date Deposited: 01 Aug 2016 15:16
Number of Pages: 2
Last Modified: 01 Aug 2016 15:16
URI: http://aei.pitt.edu/id/eprint/78380

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