How to reform the stability and growth pact

When a father calls his baby ugly, people take notice and expect to find a seriously aesthetically challenged child. When the president of the European Commission calls the fiscal rules of the stability and growth pact "stupid" and "rigid", it is clear that changes to the pact are in the air1.

In this article I consider the strengths and weaknesses of the fiscal rules imposed by the stability and growth pact and compare it to two alternatives, the UK fiscal rules (the golden rule and the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account