The Stability and Growth Pact from the perspective of the new member states

@inproceedings{Orbn2004TheSA,
  title={The Stability and Growth Pact from the perspective of the new member states},
  author={G{\'a}bor Orb{\'a}n and Gy{\"o}rgy Szap{\'a}ry},
  year={2004}
}
The purpose of this paper is to examine the fiscal characteristics of the new members in the light of the requirements of the SGP and the criticisms levelled against the Pact and to see in what ways their initial conditions differ from those faced by the current euro zone countries in the run-up to the adoption of the euro. Overall, because of the lower debt levels and greater yield convergence already achieved, the new members will be able to rely less on gains from yield convergence than the… CONTINUE READING

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