Gros, Daniel, (2016), “The silent death of eurozone governance”, CEPS, 19 August
Sometimes the most important thing that happens is what doesn’t happen – or, to paraphrase Sherlock Holmes, it’s the dog that doesn’t bark in the night. The lack of response to the European Commission’s non-enforcement in Spain and Portugal of the terms of the Stability and Growth Pact (SGP) is one of those times. According to SGP rules, the Commission should have proposed a fine to be levied on Spain and Portugal for overshooting their fiscal deficit targets by a wide margin. The fine would have been largely symbolic, but the Commission seems to have decided that the symbolism wasn’t worth it.
Relevant Posts
- Jones, Erik, Torres, Francisco, (2016), “Governance of the European Monetary Union: Recasting Political, Fiscal and Financial Integration”, Routledge, 7 June
- Zeitlin, Jonathan, (2016), “EU experimentalist governance in times of crisis”, West European Politics, Volume 39, Issue 5, 9 June