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Essay / Research Paper Abstract
This 3 page paper looks at the development and the criteria for economic stability in the EU with a focus on the Stability and Growth Pact (SGP). The criteria are outlined and then some of the breaches in 2009 are discussed and the outlook for compliance with the criteria in the short term is assessed. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEGSP2009.rtf
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Unformatted sample text from the term paper:
economic stability, so the flaws or weaknesses of one countries economy would not be detrimental to others. The stability criteria have not generally been a problem in the past, but
in recent months there has been concern that the criteria for economic and monetary convergence as seen in the EMU Stability and Growth Pact (SGP). And with six countries already
breaching the criteria, which is facilitated in the short term in exceptional circumstances, it appears that more many follow and there are concerns regarding the pace at which these countries
may be able to get back into line,. There are a number of measures and agreements to help to ensure this, from the Copenhagen Criteria which require compliance with
standards that protect democracy, for a functioning stable and sufficiently developed market economy and the ability to be able to take on the responsibilities that come with membership. These lay
the foundations that the convergence criteria that a country had to meet before gaining membership to the single European currency. The issue of
compliance has to be ongoing and the Stability and Growth Pact (SGP) 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 government spending must 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, 2009). Inflation needs to be under control, not exceeding 1.5% of the average
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