The Future of the Stability and Growth Pact
10 July 2003
The Eurozone economies virtually ground to a halt in the first quarter of 2003 and the IMF warned that Germany faced a significant risk of deflation.
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Summary.
Contents
1. Introduction
2. The Books
3. Why was the SGP created?
4. Describing the SGP
5. The Problems of the SGP Rules
6. How has it worked in the First Economic Cycle?
7. What Changes have been made?
8. Is the New Version of the SGP Suitable for the Ageing Storm Ahead?
9. Pensions: To Fund or Not?
10. The Risks of Holding Public Debt for Paying Retirement Income
11. Defining Sustainability
12. What Level of Public Debt is Sustainable?
13. Some Messages from History
14. Conclusions
Figures
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