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Véra Kempf

on 17 April 2010

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Transcript of PSG

The Pact of Stability and Growth
- and the case of Greece STUPID ? Amsterdam 1997 annual budget deficit no higher than 3% of GDP national debt lower than 60% of GDP Highly POLITICAL What reveals the current crisis in Greece from the limits of a political commitment at the economic level within the European Union? II A Pact reflecting european integration challenges
I A political Pact challenging Economic Integration A.The european policy mix I A political Pact challenging Economic Integration Avoid that budgetary policy will be used for national economical interests Avoid Free-riders 12,7% of GDP Greek national debt :113,4 % of GDP real deterrent power? B. A commitment of Governments political dimension of the economic integration

The SGP remains linked with political will Political step :
A multilateral preventive watch Was the Greek case previsible? II A Pact reflecting european integration challenges A. The credibility of the EMU at stake Austerity for all? Act as a SIGNAL Effective sanctions to fight against asymmetric shocks? fine from 0,2 to 0,5% of the GDP
when the economy is already falling apart? B. The solidarity between Member States restaure confidence fight against the risk of a domino effect What about the equal treatment ? Thanks for your attention!
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