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The Stability and Growth Pact
Experience and Lessons to be Learnt for Europe and
the World
Andreas Exenberger ∗
Working Paper 04/05
Version of November 2004 (draft)
Abstract
From 2002 on, the Euro has become the common currency of twelve member countries of
the European Union (EU). To ensure the functioning of this European Monetary Union
(EMU), its member countries agreed on the Stability and Growth Pact (SGP). This
institution should guarantee members’ economic homogeneity before the introduction of
the currency and internal stability of the Euro-zone afterwards. Its economic sense and
nonsense has been discussed during the 1990s as well as recently, especially because
countries violating the SGP used their political power within the EU-system for saving
themselves from any sanctions.
In this paper therefore I want to discuss (1) what the SGP and the economic reasoning
behind it is; (2) if it has worked or not (and why) with special respect to the question of
backlashes between the SGP and the political economy of the EU; and (3) what lessons for
the future of the EMU and the global exchange rate system can be learnt from this
experience so far.
Language: English
Key Words: stability and growth pact, European monetary union, global exchange rate
system
JEL Classification: F33, F42, F43, E50
∗
Information about the Author:
Year of Birth: 1972 (in Kufstein, Austria)
Affiliation from 1999: Department of Economics (Institut für Wirtschaftstheorie, -politik und -geschichte),
University of Innsbruck (Austria), Universitätsstraße 15, A-6020 Innsbruck
Academic Degrees: Mag. (MA) in Economics
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