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| Author: | Buiter, W.H. Grafe, C. |
| Title: | Patching up the Pact |
| Journal: | Economics of transition
2004 : MAR, VOL. 12:1, p. 67-102 |
| Index terms: | Foreign exchange Exchange rates Economic policy Fiscal policy Coordination Integration Central Europe Eastern Europe European Union |
| Language: | eng |
| Abstract: | This paper considers the implications for the European Union (EU) accession candidates of Central and Eastern Europe of the fiscal-financial constraints imposed by the Stability and Growth Pact and the Maastricht Treaty. This paper's findings apply also to those current EU members whose initial conditions (e.g. infrastructure and progress in state pension reform) or other structural characteristics (e.g. demographic structure,..., Balassa-Samuelson equilibrium real exchange rate appreciation) differ significantly from the EU average. It is found that the existing criteria are seriously flawed and there is proposed an alternative rule, the Permanent Balance Rule, based on a strong form of tax smoothing. |
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