Mitchell, B. (2014) “IMF attacks the Stability and Growth Pact“, Bill Mitchell Blog, 26 Ιουνίου.
The IMF recently called on the euro-zone leaders to In its 2014 Consultation – 2014 Article IV Consultation with the Euro Area Concluding Statement of the IMF Mission – (an annual event the IMF does with each contributing member) the IMF said that the Stability and Growth Pact (SGP) in the euro-zone “has become excessively complicated with multiple objectives and targets. Compliance with fiscal targets has been poor, reflecting in part weak enforcement mechanisms. And there is a worry that the framework discourages public investment.” The IMF might have mentioned that it also discourages private investment. The failure to include that in their warning is a reflection of their continued belief that fiscal austerity is good for the private sector. The evidence is very clear – it is bad for every sector. But at least the IMF is joining the chorus in opposition to the manic rule-driven approach the euro bureaucrats have put in place.
Σχετικές αναρτήσεις:
- European Commission (2014) “Do changes in cost-sharing have an impact on the behaviour of students and higher education institutions?“, Cost-sharing Impact Study, 23 Ιουνίου.
- Micossi, S. (2014) “Bail-in rules in EU banking union and financial stability“, VoxEU Organisation, 05 Ιουνίου.
- Kastelli I. and Caloghirou, Y. (forthcoming) “The impact of knowledge-intensive entrepreneurship on the growth and competitiveness of European traditional sectors“. In H. Hirsch-Kreinsen , I. Schwinge (eds.) Knowledge-Intensive Entrepreneurship In Low-Tech Industries, Cheltenham: Edward Elgar Publishing.