?All the economists who have contributed to this volume are both distinguished scholars and active participants in the policy debate. Over the years, they have greatly helped policymakers, at the national and Union levels, to identify and understandthe difficult policy choices involved in the running of EMU....

The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The contributions in this volume analyze the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications....