The new rules of the Stability and Growth Pact. Threats from heterogeneity and interdependence

摘要: This paper examines the new SGP rules that should govern fiscal policies of EMU member countries by means dynamic models debt/GDP ratio. The focus is on factors heterogeneity and interdependence in three key variables may affect evolution a multi-country setup like monetary union: real growth rate, inflation rate nominal interest sovereign debt stock. These are almost ignored intellectual institutional framework, but they can jeopardize main goal fostering convergence keeping ratios equalized stable over time. Even return growth, rates to their pre-crisis tendential values, not so likely imminent event, will probably be insufficient create favourable environment for smooth across countries.