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Essay / Research Paper Abstract
This 5 page paper considers the economic conditions and level of compliance with the EU’s Stability and Growth Pact in Spain and Greece between 2007 and 2010, and then considers the strategies which have been put in place to rectify the economic problems by the government. The bibliography cites 8 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEspaingreece.rtf
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Unformatted sample text from the term paper:
countries have been affected. The issue of economic performance is complex in any country, however, where there are constraints in terms of the way that monetary policy is managed there
can be difficulties in terms of the management of the economy, when this is combined with economies criteria, such as those laid down by the Maastricht Treaty for members of
the EU single currency, the difficulties in managing the economy may be seen further complicated. Two countries that are struggling are Spain ands Greece. To place the performance of
these two economies into a meaningful context as well as to aid with the assessment of the measures that have been implemented we need to briefly look at the Stability
and Growth Pact (SGP) which builds in the convergence criteria that were laid down, which were laid down by the Maastricht treaty in 1992, and were seen as necessary in
order to bring the economies of the different countries into the same cycle and into the same relative position to ensure stability within the currency once in operation.
The requirements for economic compliance are for government spending to be under control, with the total amount of government borrowing not exceeding 60% of
the GDP, the government deficit needs to be no more that 3% of GDP (European Commission, 2010). Inflation needs to be under control, not exceeding 1.5% of the average of
the best three countries within the EU, and the long-term interest rates should be within 2% of the average interest rate of the same three countries with the lowest inflation
rate (European Commission, 2010). The global problems meant that by 2009 there were already 6 major economies in breach and more were to follow. Spain had a deficit of 9.2%
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