A central tenet of the Maastricht Treaty is that a successful European Monetary Union requires sustainable public finances of its member states; yet there is no clear definition of sustainability. In this report, the authors develop a concept of sustainability focusing on the controllability of public finances. After reviewing the theoritical and empirical arguments for a disaggregate and institutions-oriented approach to correcting non-sustainable deficits, the authors propose a practical procedure to assess the sustainability of a country's public finances.
- ISBN10 1898128359
- ISBN13 9781898128359
- Publish Date June 1998
- Publish Status Out of Print
- Out of Print 26 January 2005
- Publish Country GB
- Imprint Centre for Economic Policy Research
- Format Paperback (US Trade)
- Pages 67
- Language English