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The Stability and Growth Pact (SGP) is central to Economic and
Monetary Union (EMU) in Europe. Initiated by Germany in 1995 and
adopted in 1997, it regulates the fiscal policies of European Union
Member States. Following numerous violations of its deficit
reference value, the Pact s Excessive Deficit Procedure was
suspended in 2003. The decision to suspend was brought before the
European Court of Justice in 2004 and the SGP then underwent
painstaking reform in 2005. After a period of economic prosperity
and falling budgetary deficits, the global economic crisis is
putting the system under renewed stress. Ruling Europe presents the
first comprehensive analysis of the political history of the SGP as
the cornerstone of EMU. It examines the SGP through different
theoretical lenses, offering a fascinating study of European
integration and institutional design. One cannot understand the
euro without first understanding the SGP."
The Stability and Growth Pact (SGP) is central to Economic and
Monetary Union (EMU) in Europe. Initiated by Germany in 1995 and
adopted in 1997, it regulates the fiscal policies of European Union
Member States. Following numerous violations of its deficit
reference value, the Pact s Excessive Deficit Procedure was
suspended in 2003. The decision to suspend was brought before the
European Court of Justice in 2004 and the SGP then underwent
painstaking reform in 2005. After a period of economic prosperity
and falling budgetary deficits, the global economic crisis is
putting the system under renewed stress. Ruling Europe presents the
first comprehensive analysis of the political history of the SGP as
the cornerstone of EMU. It examines the SGP through different
theoretical lenses, offering a fascinating study of European
integration and institutional design. One cannot understand the
euro without first understanding the SGP.
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