Deficits and Debts





Towards Default

15.12.2009

By: Wolfgang Münchau

The European response to the Greek crisis is at least in part to blame.


Divided we fall

06.10.2009

By: Wolfgang Münchau

The outcome of the German elections will make no difference to the abysmal prospects for eurozone policy co-ordination as France and Germany are heading into opposite direction with accelerating speed.


The Primacy of Politics

20.08.2009

By: Barry Eichengreen

Politicians managed to ward off a Great Depression. But they did little more. A Japanese scenario is now becoming very likely.


When debt levels diverge

01.07.2009

By: Wolfgang Munchau

France and Germany are heading into opposite directions in fiscal policy. An interesting experiment.


Eurointelligence Briefing Notes

The Stability and Growth Pact

The Stability and Growth Pact (SGP) forms part of the rules and procedures for fiscal policy of the member states of the euro area. The SGP has been subject to criticism long before it was officially agreed at the EU summit in Dublin in 1997 and ever since. The debate about the SGP reflects some of the deep ideological divisions that have accompanied the creation of economic and monetary union. The opponents of the SGP have criticised inter alia that it is pro-cyclical and anti-growth.


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