New guidance on applying the modified rules of the Stability and Growth Pact
Journal Title: Zarządzanie i Finanse - Year 2015, Vol 13, Issue 3
Abstract
The main aim of this article is to submit the idea of the Stability and Growth Pact (SGP), to characterise the most important points of new guidance on applying its rules and to make an attempt of the assessment of this guidance. The article also presents the challenge faced by the governors of the fiscal policies at international level. Conducted analysis and conclusions concern the euro area countries. The SGP was accepted in 1997. It consists of the rules about managing of the decentralised fiscal policy in the euro area countries. Due to difficulties in preserving fiscal discipline by the biggest economies in the euro area in 2003, the SGP was reformed in 2005. As a result of the reform, the rules were weakened. Deep financial crisis enforced other two reforms of SGP, which took place in 2011 and 2013. Despite implementing the above mentioned reforms, euro area fiscal policy framework has become complicated. Therefore on 13th January 2015 European Commission submitted the guidance on applying SGP rules. This document has not changed any provisions at all. The points covered in the guidance concern three areas: public investments, structural reforms and cyclical conditions. Their main aims are to increase the flexibility of the SGP rules and effectiveness of the conducted reforms. Despite clear advantages of the guidance, it is also controversial. In June 2015 new proposals of the reforms are going to be submitted in order to enhance managing of fiscal policy in the euro area.
Authors and Affiliations
Juliusz Giżyński
Keywords
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