24 Jul 2014

Flexibility clauses in the Stability and Growth Pact: No need for revision

Stefano Micossi / Fabrizia Peirce

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After an in-depth review of the Stability and Growth Pact, the authors of this CEPS Policy Brief conclude that there is sufficient flexibility within the Pact to accommodate any unexpected drop in economic activity and has ample margin to finance structural reforms during transition to the new regime.

Stefano Micossi is Director General of Assonime, visiting professor at the College of Europe in Bruges and a member of CEPS Board of Directors. Fabrizia Peirce is Senior Economist in Assonime economic division.

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