The Political Stability and Growth Pact is Dead : Long Live the Economic Stability and Growth Pact

Résumé :

Euro area countries suspended the excessive deficit procedure (EDP) of the Stability and Growth Pact in November 2003. Surprisingly perhaps, long-term European government bond-holders did not react : yields barely moved. Owing to its political nature, the EDP does not matter for investors. What matters is the implicit economic pact that investors have made with Member State governments.

Pour commander l’ouvrage.