1. The Dog that Would Never Bite? The Past and Future of the Stability and Growth Pact
- Author:
- Martin Heipertz and Amy Verdun
- Publication Date:
- 11-2003
- Content Type:
- Working Paper
- Institution:
- Max Planck Institute for the Study of Societies
- Abstract:
- This paper analyses the underlying reasons for the creation of the Stability and Growth Pact (SGP) and its subsequent development in recent years. The paper examines the economic and political factors behind it, including the role of economic ideas, experts, politicians, institutional arrangements in the Maastricht Treaty, domestic politics, and the exceptional position of Germany in the realm of monetary integration in the EU. It concludes that a set of commonly held beliefs together with a corresponding power-political constellation explain the creation of the SGP.
- Topic:
- International Political Economy, International Trade and Finance, and Treaties and Agreements
- Political Geography:
- Europe and Germany