Key words stability and growth pact eu europe the euro great recession fiscal sovereignty the call for expansionary fiscal policies included in the european economic recovery plan adopted by the commission and endorsed by the council at the end of 2008 was in conflict probably not with the spirit but certainly with the letter of the pact aside from the pacts failure to either . The stability and growth pact was written in the course of an accelerating increase in public expenses within europe which where financed with ascending taxes and a growing government debt 12 13 together with at the same time increasing unemployment rates this increase in public expenses was assumed to have negative effects on stability and growth in the member states of the future euro . While current instruments of eu economic policy coordination helped stave off a full scale depression the post 2007 global financial and economic crisis has revealed a number of weaknesses in the stability and growth pact the eu framework for fiscal surveillance and fiscal policy coordination this paper provides a diagnosis of how the sgp faired ahead and during the present crisis and . Stability and growth pact consists of two eu council regulations on the strengthening of the surveillance of budgetary positions and the surveillance and co ordination of economic policies and on speeding up and clarifying the implementation of the excessive deficit procedure and of a european council resolution on the stability and growth pact adopted at the amsterdam summit on 17 june 1997. The stability and growth pacts sgp legislative foundation is the language of articles 121 and 126 of the treaty on the functioning of the eu which came into effect jan 1 1958 however the
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