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Policy Note 2003/2 | February 2003

Reforming the Euro’s Institutional Framework

The SGP has been the focus of growing controversy within the eurozone. The ECB continues to argue that reforming the SGP by relaxing its rules would damage the credibility of the euro. The opposite, however, may be closer to reality. Relaxing the rules according to the measures already taken by the European Commission has been inconsequential regarding the euro's credibility. In our view, many more fiscal policy reforms are needed so that the Eurozone can realize a true economic recovery and enhance the credibility of the euro.


Publication Highlight

Book Series
A Great Leap Forward
Heterodox Economic Policy for the 21st Century
Author(s): L. Randall Wray
January 2020

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