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Cambridge Journal of Economics 25:113-130 (2001)
Copyright © 2001 Cambridge Political Economy Society

Article

Commentary. An alternative stability pact for the European Union

P Arestisz, K McCauleyzz and M Sawyer

z South Bank Business School, South Bank University London, Southwark Campus, 103 Borough Road, London SE1 0AA, UK
E-mail: p.arestis@sbu.ac.uk
zz University of East London, London, UK
University of Leeds, Leeds, UK
Corresponding author/address

Abstract

This paper proposes an alternative stability and growth pact to the one which accompanied the introduction of the euro in January 1999. The latter is part of the third stage of economic and monetary union and, will govern the economic policies of the member countries which have joined the single currency and strongly constrain the policies of those who do not join. The alternative proposed in this paper is a Full Employment, Growth and Stability Pact and would have a number of features, the most important of which is the creation of new institutional arrangements, including the creation of an investment bank.

Key Words: stability pact • European central bank • investment bank • monetary policy • fiscal policy


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