‘Close‐to‐Balance or in Surplus’: A Policy‐Maker's Guide to the Implementation of the Stability and Growth Pact

Under the Stability and Growth Pact, countries are committed to achieve medium‐term budget positions of ‘close‐to‐balance or in surplus’. The rationale for this commitment is that such budgetary positions would allow for the full working of the built‐in stabilizers without triggering the sanctions p... View More