THE REFORM OF THE ECONOMIC AND BUDGETARY GOVERNANCE FRAMEWORK OF THE EUROPEAN UNION: A REALISTIC REVIEW OF THE STABILITY AND GROWTH PACT?
¿Una revisión realista del Pacto de Estabilidad y Crecimiento?
DOI:
https://doi.org/10.18042/cepc/rdce.79.06Abstract
The reform of the Stability and Growth Pact, approved in the spring of 2024, implies the maintenance of the fiscal orthodoxy model that encouraged its creation, and which was confirmed through the Six Pack and the Fiscal Compact, incorporated into the Stability, Coordination and Governance Treaty of the Economic and Monetary Union. This reiterates the Euro Zone's commitment to the binding adoption of austerity policies, anchored in the rigorous establishment of arbitrary deficit and debt limits, which make it difficult for Member States affected by the crises to apply fiscal stimuli that contribute to their overcoming. Thus, the new Pact contracts with the current international economic scenario, marked by weak growth and the demand for reforms and investments to improve competitiveness. The new Stability and Growth Pact is detached from the creation of an authentic common fiscal policy, which continues to constitute, beyond the parenthesis caused by the pandemic with the provision of the EU Next Generation solidarity funds, a very notable lack of the Economic and Monetary Union, an area that is always threatened by fragmentation. And if budgetary stability and fiscal discipline and consolidation are to act without affecting growth, damaging social welfare, it should be necessary to provide the Union with a common fiscal capacity that allows supporting countercyclical policies. Otherwise, it will be difficult to advance towards economic and social cohesion.
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