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

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