engleski

Impact of stability and growth pact on economic development of EU economies

Recent studies suggest that fiscal rules set in the Treaty of Maastricht and the Stability and Growth Pact may induce negative effects on economic growth of the EU economies. First of all, these rules are considered as excessively binding constraint for appropriate counter-cyclical action and could cause more rapid slowdown in case of recession. There is also a possibility of permanent reduction of the public sector's contribution to the capital accumulation. Based on experiences of the EU economies, some lessons can be drawn for the Croatian economic policy.

Stability and Growth Pact; EU; economic growth; public capital; Croatia

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