Enforcement and the stability and growth pact

The IMF Working Paper "Enforcement and the stability and growth pact: How fiscal policy did and did not change under Europe's fiscal framework" published May 2006, says that the Stability and Growth Pact has been a success in numerous EU countries, especially in guiding them toward underlying fiscal balance ahead of population aging.

These countries tend to be smaller, subject to greater macroeconomic volatility, and reliant on a form of fiscal governance that emphasizes targets and contracts

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