By Leila Simona Talani, Bernard Casey
Combining monetary and political technology views, this well timed and critical publication describes and analyses the situations and occasions resulting in the dying and next reform of the soundness and progress Pact (SGP). "Between progress and balance" goals to discover an answer to the dilemmas posed by way of economic coverage coordination within the context of a unmarried foreign money zone, in addition to contrasting the choice heuristic frameworks and theoretical views hired. It focuses quite at the query of credibility, its definition and its which means within the daily workings of monetary and financial Union. This e-book examines the particular functionality of the SGP and proposes ways that the integrity of eu monetary rule making should be enhanced sooner or later. This e-book should be crucial studying for policy-makers, politicians, participants of ecu associations and overseas firms. This intensive research may also be worthy to students of diplomacy and economics, in addition to undergraduate and postgraduate scholars in diplomacy, political technology, and economics.
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Extra resources for Between Growth and Stability: The Demise and Reform of the European Union's Stability and Growth Pact
Clearly, the change in the prevailing ideological paradigm from the mid1970s onwards is one side of the spread of the new credo in macroeconomic policy, a credo emphasizing strict monetary and ﬁscal policy in the context of exchange rate stability. However, what is lacking from this interpretation of monetary integration is the reasons why this shift happened at that particular historical moment. The solution to this dilemma is to be found in a more comprehensive analysis of the economic interests underpinning this ideological shift and of the related socio-economic groups taking advantage of it in the context of the change in the power relations taking place in the socio-economic arena within a particular historical conjuncture.
Hence, the credibility of an exchange rate agreement can be measured through the calculation of ‘realignment expectations’,17 which are higher when the credibility of the commitment is lower. 26 Between growth and stability The seminal work on the behaviour of the exchange rate in a target zone is that of Krugman (1991). In his model, the credibility of the system determines the behaviour of the exchange rate. e. it will adjust less than proportionally to a shock to its fundamentals. This is a direct and free beneﬁt from credibility, due to a ‘honeymoon’ between the authorities and speculators.
Whereas credible policy makers will beneﬁt from the possibility of violating, if only temporarily, the ‘rules of the game’, non-credible ones will be punished even more severely by the international capital markets. Hence, the credibility of an exchange rate agreement can be measured through the calculation of ‘realignment expectations’,17 which are higher when the credibility of the commitment is lower. 26 Between growth and stability The seminal work on the behaviour of the exchange rate in a target zone is that of Krugman (1991).