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	SCADPlus: STABILITY AND GROWTH PACT AND ECONOMIC POLICY COORDINATION
		The Stability and Growth Pact is intended to ensure that Member States maintain budget discipline in order to avoid excessive deficits.
		Resolution of the European Council on the Stability and Growth Pact
		Revising the Stability and Growth Pact: Public Finances in EMU 2006
	europa.eu /scadplus/leg/en/s01040.htm (149 words)

	Stability and Growth Pact - Wikipedia, the free encyclopedia
		The Stability and Growth Pact is an agreement by European Union member states related to their conduct of fiscal policy, to facilitate and maintain Economic and Monetary Union of the European Union.
		To external obervers of the pact in countries where there is a movement to join the eurozone, such as in the UK, the failure of the pact to enforce its provisions on France and Germany is seen to have provided ammunition against joining the eurozone.
		Anne Brunila, Marco Buti and Daniele Franco, The Stability and Growth Pact, Palgrave, 2001.
	en.wikipedia.org /wiki/Growth_and_Stability_Pact (584 words)

	Eurotreaties growth and stability pact
		The Growth and Stability Pact was agreed on 7 July 1997 and principally consisits of two Council regulations.
		There are a number of papers on the Euro and the Stability Pact prepared by the Commission and the European Council.
		Expanatory memorandum by the Commission on the Growth and Stability Pact for the European Council.
	www.eurotreaties.com /emupact.html (282 words)

	BBC NEWS \| Business \| Q&A: What is the European stability pact?
		The stability and growth pact is a key part of the agreement that led to the establishment of the euro, the currency used by 12 European countries.
		The stability and growth pact is an agreement to limit budget deficits in countries that are members of the eurozone.
		Fears about the effect of the stability pact rules on Sweden's welfare state was a key element in the decision by its electorate to reject membership of the euro.
	news.bbc.co.uk /1/hi/business/3139460.stm (654 words)

	Is the Stability and Growth Pact anti-Growth
		The euro area's Stability and Growth Pact has been under growing pressure from both European politicians and opinion-makers who maintain that the limitations imposed on budget deficits make it impossible for governments to pursue so called "expansionist" fiscal policies that would allegedly be appropriate for the current economic downturn.
		The Stability and Growth Pact sets a limit of three percent of GDP to deficits and also demands that euro area governments bring their budgets into balance in the medium turn.
		Only limited deficits can limit the growth of public debt and are in line with the general common sense equation that governments (and people) cannot live beyond their means.
	www.causaliberal.net /documentosAAA/stabilitypact1.htm (770 words)

	[No title]
		Today, the head of the EU Commission Romano Prodi today called the EU's Growth and Stability Pact "stupid", referring to the rigidity of the Pact, which requires nations to cap their budget deficits at 3% of GDP.
		These include the introduction of a cyclical Stability Pact that accounts for the present economic realities, the delay of the 2004 deadline by 2 years, and demanding states to reduce their deficit/GDP ratios by 0.5% each year.
		The situation is so dire to the extent that the ruling SPD-Green coalition signed a pact specifying that in order to limit its borrowing, Germany needs "a complementary monetary policy on the European level that leads to more investment and growth." The pact constituted an unprecedented call for the ECB to cut interest rates.
	www.forexnews.com /AI/readAI.asp?f=A20021017a.mgn (610 words)

	Stability and Growth in EU Accession Countries by Laszlo Halpern
		If they are unable to meet the criteria of the Growth and Stability Pact (GSP), that is, the Maastricht Treaty, these countries will be subject to the excessive deficit procedure.
		Whether the criteria and the procedures for ensuring macroeconomic stability in the EU will be appropriate for promoting dynamic growth and increasing welfare in the enlarged EU remains an open question, however.
		The recent reinterpretation of the GSP whereby it gives more flexibility to fiscal policy if public debt is low is a first step in the right direction.
	www.worldbank.org /html/prddr/trans/julaugsep03/pgs7-8.htm (1456 words)

	The EU Stability Pact for enhanced growth and sound public budgets in the long term (Site not responding. Last check: 2007-10-05)
		Reform of the European stability and growth pact is a key issue in European economic and financial affairs.
		Whether a fiscal policy is "right" and promotes stability and growth equally cannot be measured solely by compliance with the deficit reference value of 3 per cent of gross domestic product.
		Since the pact is also intended to ensure the stability of the euro, the Commission and council must in future also review the contribution made by the member states to price stability in the eurozone.
	www.german-embassy.org.uk /the_eu_stability_pact_for_enha.html (1006 words)

	The stability and growth pact \| Special reports \| Guardian Unlimited
		Adopted by the eurozone in 1997, the pact was set up to enforce budgetary discipline among the 12 countries now using the euro, with Germany the moving force behind the arrangement.
		Germany wants to draw up additional EU fiscal rules that will lead to a "better interpretation" of the pact, allowing more account to be taken of the economic situation, the impact of ageing on social security systems and the role played by public investment in modernising the economy.
		In the case of Portugal and Ireland, the pact was applied more strictly and smaller countries, such as Austria, have made greater efforts to abide by it.
	www.guardian.co.uk /eu/story/0,,1094666,00.html (857 words)

	Germany and France Push Growth over Stability Pact \| Business \| Deutsche Welle \| 13.10.2003
		France and Germany are pushing for a "flexible" interpretation of the EU stability pact, arguing that growth should take precedence over budgetary consolidation.
		A €40 billion euro deficit would be the biggest in postwar history and will likely ensure a stability pact violation of over four percent, more than the 3.8 percent has predicted by the ministry up until now.
		With only meager growth prospects for next year, the country could be on course to violate the pact for a third year in 2004.
	www.dw-world.de /popups/popup_printcontent/0,,995120,00.html (469 words)

	FRBSF: Economic Letter - Fiscal Constraints in the EMU (8/15/97)
		This Pact, which was ratified in the June 1997 Amsterdam Summit, commits EMU members to government budget positions which are close to balance and specifies explicit sanctions for persistent excessive government deficits.
		The Growth and Stability Pact proposes regulations which strengthen the surveillance of budgetary positions and defines the procedure for handling excessive deficits.
		In the event that sanctions are implemented, the stability pact calls first for countries to contribute non-interest bearing deposits of a fixed component, not to exceed 0.2 percent of GDP, and a variable component equal to 0.1 times the excess of the government deficit as a percent of GDP over 3 percent.
	www.frbsf.org /econrsrch/wklyltr/el97-23.html (1976 words)

	Observer \| On firmer ground without Stability
		The words and 'and Growth' were added later, at the Amsterdam European Council of 1997 - the one at which Tony Blair rode a bicycle.
		Pohl was strongly critical of the Stability and Growth Pact when addressing a seminar at the Financial Times not long ago.
		One of the mistakes made in devising the Stability Pact was for the drafters to insist on treating all 'regions' in the same way.
	observer.guardian.co.uk /print/0,3858,4808398-102271,00.html (1187 words)

	Economic and Financial Affairs - About - Stability and convergence (Site not responding. Last check: 2007-10-05)
		The Stability and Growth Pact (SGP) is the concrete EU answer to concerns on the continuation of budgetary discipline in Economic and Monetary Union (EMU).
		It foresees the submission by all Member States of stability and convergence programmes, which are examined by the Council.
		Besides these legal basis, the new Code of Conduct on the content and format of the stability and convergence programmes, endorsed by the ECOFIN Council on 11 October 2005, incorporates the essential elements of Council Regulation 1466/97 into guidelines to assist the Member States in drawing up their programmes.
	ec.europa.eu /economy_finance/about/activities/sgp/sgp_en.htm (642 words)

	The Hindu Business Line : Is fiscal stability a rational goal?
		The Growth and Stability Pact bore the clear imprint of its German authorship, in that it not only laid down a target of 3 per cent for fiscal deficit, but also prescribed hefty fines for countries that stepped outside the limits.
		It is a humiliating impact of the pact that its prime initiator is among the first to bite the dust.
		The defence of the German Government spokesmen is that the rise in deficit is a natural consequence of the global slowdown as well as the slowdown in the German economy and consequent fall in revenues and growth in various relief expenditures consequent on the slowdown itself.
	www.blonnet.com /2002/11/04/stories/2002110400210900.htm (1416 words)

	EU finance ministers stand by stability pact, weak growth -DAWN - Business; September 8, 2002
		The euro zone’s Stability and Growth Pact on fiscal discipline would not be bent, the ministers said, dismissing talk of revising the rules as their economies struggle to generate the tax receipts needed to rein in deficits.
		Under the pact, which underpins the euro common currency, EU governments have to contain their budget deficits within three percent of output and work towards a balanced budget in the medium term.
		But growth could be further dented in the event of a war in Iraq, warned Danish Finance Minister Thor Pedersen, who chaired a broader meeting of finance ministers from the whole of the European Union.
	www.dawn.com /2002/09/08/ebr18.htm (699 words)

	House of Commons Hansard Debates for 28 Feb 2002 (pt 5)
		As far as the growth and stability pact is concerned, I agree with the hon.
		The important point is that last summer, when the stability pact code was rewritten, account was taken of the economic cycle for perhaps the first time in the Council's deliberations on that matter.
		The reason that a prudent interpretation of the growth and stability pact is now being accepted is that, in our interpretation, it does recognise the importance of public investment, of the economic cycle and of taking debt into account.
	www.publications.parliament.uk /pa/cm200102/cmhansrd/vo020228/debtext/20228-05.htm (3649 words)

	--[ Libertarian International. Network of liberty-minded individuals and organizations in Europe. ]--
		Second-class citizenship for the smaller countries means that the consequences from the demise of the stability pact won't be limited to the fiscal arena.
		One reason the stability pact is not popular in social democratic Europe is that it has hamstrung welfare state spending.
		By liberating themselves from the burdens of the pact, Europe's politicians also seek to weaken the independence of the ECB, which is a thorn in their sides.
	www.libertarian.to /NewsDta/templates/news1.php?art=art508 (925 words)

	Schröder: Stability pact needs to be interpreted in growth-oriented sense (Site not responding. Last check: 2007-10-05)
		Schröder noted that compliance with the stability criteria will depend on a number of factors that are not always predictable: "For instance, it will depend on whether or not we have the growth rates we need to respect the criteria without creating problems for the economy."
		Both approaches would be possible on the basis of the stability pact.
		The fact that there is a debate in the European Union on whether or not the three percent limit is the sole criterion for sensible economic policy is an entirely different question and something that will be discussed more intensively in the course of the next few months, Schröder said.
	www.german-embassy.org.uk /schroder__stability_pact_needs.html (258 words)

	Growth and Stability Pact ‘fudge’ is a recipe for further confusion says Boyle / An Nuacht is Déanaí / Nuacht / ...
		Growth and Stability Pact ‘fudge’ is a recipe for further confusion says Boyle / An Nuacht is Déanaí / Nuacht / Green Party - Green Party / Comhaontas Glas
		Growth and Stability Pact ‘fudge’ is a recipe for further confusion says Boyle
		“While understanding the need to relax the Growth and Stability Pact criteria, particularly regarding spending on infrastructure and R and D, this agreement seems to be neither fish nor fowl.
	www.greenparty.ie /ga/news/latest_news/growth_and_stability_pact_fudge_is_a_recipe_for_further_confusion_says_boyle (305 words)

	IBEC - European and International - News
		The European Commission have announced that it has received the final data confirming that the France budget deficit for 2002 was at 3.01% of GDP, and in breach of the 3% budget deficit allowed by the Growth and Stability Pact.
		In response, the Commission launched an excessive deficit procedure on 2 April by adopting a report on the matter, to be discussed by the Commissioners later in the month.
		With the formal announcement of the breach, France joins a group of Eurozone countries, including Portugal and Germany, which are not in line with the 3% Growth and Stability Pact limit.
	www.ibec.ie /sectors/ibb/ibbdoclib3.nsf/wvEaIICCC/C92F8B4E0474199880256CFE0051A360?OpenDocument (201 words)

	RADIO FREE EUROPE/ RADIO LIBERTY
		The pact is a measure designed to ensure that EU member states in the common currency euro-zone exercise prudence in their public-spending policies.
		Schroeder said the emphasis in the pact so far has been on "stability" -- in other words, on reining in excessive budget deficits -- rather than "growth." He suggested that now is the time to pay more attention to economic stimulation.
		At least one unintended benefit from the stability pact row is that the value of the euro could drop.
	www.rferl.org /features/2003/07/17072003152244.asp (950 words)

	EMU Stabilitetspakten Stability and Growth Pact
		It was Germany, therefore, that drafted and imposed the stability and growth pact on all future eurozone participants.
		The pact is no longer enforceable after EU finance ministers set a precedent by letting France and Germany off the hook last autumn despite their repeated failure to meet the 3 per cent target.
		The leaders write, "The Stability and Growth Pact is an essential element of economic governance in Economic and Monetary Union and a necessary condition to sustained economic growth that we all pursue, and its rules must be applied consistently and in a non-discriminatory basis".
	www.nejtillemu.com /stabilitet.htm (14235 words)

	EurActiv.com - Stability and Growth Pact \| EU - European Information on Economy & Euro
		The Stability and Growth Pact (SGP) was concluded by the European Council at the Dublin Summit in December 1996.
		The Stability and Growth Pact is emerging from a major crisis after the Commission took the Council to the European Court of Justice on procedural grounds after the latter failed to take further action against France and Germany for persistent breaches of the pact's rules.
		DG ECFIN: 101 Proposals to reform the Stability and Growth Pact.
	www.euractiv.com /en/euro/stability-growth-pact/article-133199 (2125 words)

	Financial Sense Editorial "Euro-Toast?" by Alex Wallenwein 12.11.2003 (Site not responding. Last check: 2007-10-05)
		Whatever happened to the European "Growth and Stability Pact" during the last two weeks of November week may have far-reaching implications for the future of the euro.
		Under the Pact, the European Council of Ministers is supposed to punish repeated violations of the Pact by imposing legal fines.
		The Growth and Stability Pact was previously the absolute cornerstone of the new euro currency.
	www.financialsense.com /editorials/wallenwein/2003/1211.html (2048 words)

	The Century Foundation Taking Note: Replace Europe's Growth and Stability Pact with Market Discipline and Democracy
		Moreover, owing to the constraints the pact places on national economic sovereignty, it risks contributing to political strains that threaten to undermine support for the euro.
		The justification for the pact was that it was needed to build confidence in the new European currency.
		From the beginning, the pact has been controversial because it promised to reduce space for national fiscal policy (budget policies) to counter recessions.
	www.tcf.org /print.asp?type=TN&pubid=1429 (997 words)

	Thomas Palley » Blog Archive » Replace Europe’s Growth and Stability Pact with Market Discipline and ...
		Moreover, owing to the constraints the pact places on national economic sovereignty, it risks contributing to political strains that threaten to undermine support for the euro.
		The justification for the pact was that it was needed to build confidence in the new European currency.
		Thomas seems to misunderstand the intentions and the mechanism of the SGP: to invoke the issue of restrictions in national sovereigny misses the point that the introduction of the Euro for 12, now 13 countries, has already eliminated the possibility of national monetary policy.
	www.thomaspalley.com /?p=57 (1655 words)

	EU Reporter (Site not responding. Last check: 2007-10-05)
		According to Raffarin, the lack of budgetary balance is caused by zero growth during the first semester of 2003, which had significant impact on fiscal revenues.
		Raffarin thinks there is a paradox in the expression "Pact of Growth and Stability".
		On the other hand, "the duty of the European Commission is to defend the Growth and Stability Pact and I fully understand this", he added.
	www.eureporter.co.uk /showarticle.php?newsid=1031 (268 words)

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