An Introduction to the Law of Economic and Monetary Union
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An Introduction to the Law of Economic and Monetary Union

Alberto Saravalle

This incisive book is an accessible guide to the laws and policies relating to economic and monetary union (EMU). Providing a rich, multidisciplinary analysis, it combines historical, legal and economic perspectives to offer a detailed understanding of how EMU has developed since its inception and how it works in practice today. This book will be a valuable reference for those teaching and studying advanced courses on EU law, as well as courses that cover the economic history of EU integration.
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Chapter 2: The Stability and Growth Pact and the other rules of fiscal surveillance

Alberto Saravalle


Chapter 2 mainly discusses the notorious Stability and Growth Pact (the set of rules designed to ensure Member States maintain fiscal discipline even after adopting the euro), retracing its evolution from 1997 through to today. It examines the criticism the SGP has received, the landmark case before the CJEU between the Commission and Council, and the SGP’s practical application in the Member States. The SGP is perhaps the most controversial and hotly debated topic of recent years. Indeed, it has been the subject of heavy criticism, and its several amendments over the years made it at times more flexible or more rigid, depending on the prevailing sentiment at the time. Notably, the fiscal discipline imposed on Member States has come to include rules addressing macroeconomic imbalances, and a series of very detailed measures have been put in place that require Member States to coordinate their respective economic policies more closely.

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