期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2011
出版社：European Central Bank
摘要：We test whether two key elements of the EU and euro area economic gover- nance framework, the Stability and Growth Pact and the Lisbon Strategy, have had any impact on macroeconomic outcomes. We test this proposition using a di¤erence-in-di¤erence approach on a panel of over 30 countries, some of which are non-EU (control group). Hence, the impact of the EU economic governance pillars is evaluated based on both the performance before and after their appli- cation as well as against the control group. We nd strong and robust evidence that neither the Stability and Growth Pact nor the Lisbon Strategy have had a signi cant bene cial impact on scal and economic performance outcomes. We conclude that a profound reform of these pillars is needed to make them work in the next decade.
关键词：Stability and Growth Pact; Lisbon Strategy; euro area; Euro-;pean Union; governance; institutions.
