Have the euro area and EU governance worked? Just the facts |
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| Institution: | 1. Polytechnique Montréal, C.P. 6079, succ. Centre-Ville, Montréal, QC H3C 3A7, Canada;2. CIRANO, Montréal, QC, Canada;3. Department of Economics, University of Ottawa, Ottawa, ON K1N 6N5, Canada;4. School of Public Policy and Administration, Department of Economics, Carleton University, Ottawa, ON K1S 5B6, Canada;5. CESifo, Munich, Germany;1. Ifo Institute — Leibniz-Institute for Economic Research at the University of Munich, Poschingerstr. 5, D-81679 Munich. Germany;2. University of Erlangen-Nuremberg, Department of Economics, Lange Gasse 20, 90403 Nuremberg, Germany;1. Max Planck Institute of Economics, Kahlaische Str. 10, 07745 Jena, Germany;2. DSE, University of Verona, Via dell''Artigliere 19, Verona, Italy;3. Department of Economics, Lund University, P.O. Box 7082, 220 07 Lund, Sweden |
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| Abstract: | We test whether the two key EU and euro area economic governance pillars, the Stability and Growth Pact and the Lisbon Strategy, have had any impact on macroeconomic outcomes. We test this proposition on a panel of 27, some of which are non-EU (control group) using a programme evaluation approach. The impact of the EU economic governance pillars is evaluated based on both the performance before and after their application as well as against the control group. We find strong and robust evidence that neither the Stability and Growth Pact nor the Lisbon Strategy have had a significant beneficial impact on fiscal and economic performance outcomes. We conclude that a profound reform of these pillars is needed to make them work in the next decade. |
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