Bulletin n. 3/2014 | ||
February 2015 | ||
FitzGerald John |
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The new EU governance arrangements | ||
in Revue de l'OFCE , N° 132, 2014/1 , 2014 , 93-99 | ||
Until the economic crisis hit in 2008, the euro area operated with a single set of fiscal rules – the Stability and Growth Pact (SGP). In the first decade of operation of EMU the rules were broken by Germany but this breach did not threaten the stability of the euro area. However, this set of rules did not prevent the crisis occurring in 2008 and it did not prove adequate to manage the subsequent fall-out... | ||