文章基本信息

标题：Assessing the 2005 Growth and Stability Pact Reform: A New Fiscal Policy Rule for the Euro Zone Is Required
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作者：Guillaume R. Sarrat de Tramezaigues
期刊名称：International Journal of Economics and Finance
印刷版ISSN：1916-971X
电子版ISSN：1916-9728
出版年度：2014
卷号：2
期号：5
页码：140
DOI：10.5539/ijef.v2n5p140
语种：English
出版社：Canadian Center of Science and Education
摘要：This paper analyzes the 2003 and 2005 Growth and Stability Pact reforms in the light of the 2008 financial crisis and national counter-cyclical fiscal policies followed in the euro-zone since then. It uses the Kopits-Symanski (1998) fiscal policy rule model in order to assess the evolution of fiscal governance before and after the reforms. Most of the characteristics of the model suffered sharp deteriorations: precision, simplicity, consistency and strong executive power, leading to a final conclusion of a better post-2003 GSP but a worse post-2005 GSP, the issue of the penchant of euro zone members for free rider behaviour requiring particularly strong executive power and coercive capacities. Because of degrading fiscal governance since 2005, the euro zone lacks a proper tool to back monetary policy and to follow long run sustainable growth because of increasing debt default risk among its members.