The Stability and Growth Pact was conceived in order to create a institutional uniform frame which could regulate the economic policies in the European Union. Even if it promotes strict fiscal discipline , in the last years the discontents over this document had an ascendant flow. Its reforming in the near future is undoubtedly necessary and represents one of the big challenges of the European system in the next years.

Fiscal policy, global budget deficit, Multilateral Surveillance , Ecofin