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Ruling Europe : The Politics of the Stability and Growth Pact

ISBN: 9780521197502 | 0521197503
Edition: 1st
Format: Hardcover
Publisher: Cambridge University Press
Pub. Date: 4/30/2010

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The Stability and Growth Pact (SGP) is central to Economic and Monetary Union in Europe (EMU). Initiated by Germany in 1995 and adopted in 1997, it regulates the fiscal policies of European Union Member States. Following numerous violations of its deficit reference value, the Pact's Excessive Deficit Procedure was suspended in 2003. The decision to suspend was brought before the European Court of Justice in 2004 and then the SGP underwent painstaking reform in 2005. After a period of economic prosperity and falling budgetary deficits, the global economic crisis is putting the system under renewed stress. Ruling Europe presents the first comprehensive analysis of the political history of the Stability and Growth Pact as the cornerstone of Economic and Monetary Union. It examines the SGP through different theoretical lenses, offering a fascinating study of European integration and institutional design. One cannot understand the euro without first understanding the SGP.


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