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The “stupidity pact” is not stable
As the member states present their stability or convergence programmes to the EU authorities and with the up-coming European elections of May 2014, it is more important than ever to clarify the terms of the debate on the Stability and Growth pact.
The positions recently adopted by the French and Italian authorities concerning the 3% of public deficit threshold have imparted a fresh boost to the recurring debate on the Stability and Growth Pact, which former Commission President Romano Prodi once called a “stupid” pact.
As the member states present their stability or convergence programmes to the European authorities and with the up-coming European elections of May 2014, it is more important than ever to clarify the terms of this debate. It is the purpose of Yves Bertoncini and Sofia Fernandes analysis, based on three complementary statements :
1. The Stability and Growth Pact is not a dogma carved in stone
2. The Stability Pact is a pact resting on political trust among the member states
3. The debate on the Stability Pact is also economic in nature
If the Stability Pact is not completely stable, it is not completely stupid either. Let those countries in difficulty set their economies back on track, let them make choices designed to bring down unemployment and to boost growth – the rest “will be added to them”.
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Paris, 12 April 2019 – Session no.6 of the Académie Notre Europe: economic and monetary Union
Berlin, 19 September 2018 – Making Europe’s Economic Union Work
Paris, 20 June 2018 – Future Europe
Luxembourg, 20 June 2018 – The reform of the EMU: which social dimension?
Nicosia, 16 March 2018 – The political landscape of EMU reform
Sofia, 9 March 2018 – The future of the EU budget
Athens, 8 February 2018 – Athens’ days: Greece, paths for hope
Bruxelles, 25 January 2018 – Academy study trip to Brussels
Paris, 8 December 2017 – Academy: Political and Social Europe
Barcelona, 22 September 2017 – After the crisis, a push forward for the eurozone
Paris, 21 July 2017 – The future of the Eurozone and the Multiannual Financial Framework
Rome, 20 March 2017 – Completing economic governance and enhancing social cohesion
Lisbon, 24th January – High-level seminar on the future of the euro