This book examines fiscal policy coordination in EMU and the required adjustments to national fiscal policies by EMU member states. It presents a coherent view of German fiscal policy following the creation of the Stability and Growth Pact in 1995-97 and the implementation of the Stability Pact in 1997. The book shows that, in the process of Europeanization, national interests have had a major impact on the formation of fiscal policy coordination. It also shows how European fiscal policy coordination has affected national fiscal policies and policy implementation in EMU, and how changes in national interests have finally launched the reform process of the original Stability Pact and a new phase or Europeanization.

This book examines fiscal policy coordination in EMU and the required adjustments to national fiscal policies by EMU member states. The book shows that, in the process of Europeanization, national interests have had a major impact on the formation of fiscal policy coordination.