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Title: The Stability Pact: Safeguarding the Credibility of the European Central Bank

Author(s): Michael J Artis and Bernhard Winkler

Publication Date: August 1997

Keyword(s): Incentive Contracts, Maastricht Treaty, Monetary Union and Policy Coordination

Programme Area(s): International Macroeconomics

Abstract: The ?Stability Pact? agreed at the Dublin Summit in December 1996 and concluded at the Amsterdam European Council in June 1997 prescribes sanctions for countries that breach the Maastricht deficit ceiling in stage three of European Monetary Union. This paper explores possible motivations for the Stability Pact as an incentive device for fiscal discipline and as a partial substitute for policy coordination and a common ?stability culture?.

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Bibliographic Reference

Artis, M and Winkler, B. 1997. 'The Stability Pact: Safeguarding the Credibility of the European Central Bank'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=1688