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Fiscal rules for the eurosystem from “free talk” to effective incentive schemes vox, cepr policy po

How about existing fiscal arrangements?

Created within the Maastricht Treaty, the SGP targets discipline in public areas budgets, primarily with a complicated excessive deficit procedure. It hasn’t been executed and was loosened in 2005. National ministers deciding by qualified majority and getting the final say have preferred a cooperative approach up to now – because so many students would if deciding collectively who’ll pass their exams. The EU is finalising another SGP reform. You will have a fresh preventive part, but probably no automatic sanctions (Kafsack 2011).