01897cas a2200265 a 4500 AALejournalIMF003448 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451975482 1934-7456 BD-DhAAL BD-DhAAL Annett, Anthony. Reforming the Stability and Growth Pact / Anthony Annett, Jorg Decressin, Michael Deppler. Washington, D.C. : International Monetary Fund, 2005. 1 online resource (28 pages) IMF Policy Discussion Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students A rules-based fiscal framework, such as the EU's Stability and Growth Pact (SGP), can be an important bulwark against short-sighted policies. Although policies have improved following the SGP's adoption, shortcomings remain. These, however, are rooted in the policies rather than the rules, where few changes seem necessary. Specifically, the Excessive Deficit Procedure needs a stronger focus on policies rather than outcomes, while staying operationally simple and transparent. Furthermore, reforms are needed to foster time-consistent national policies, budgetary transparency, and ownership of the Pact. Accordingly, parliaments should debate national Stability Programs and national fiscal councils should review these programs for parliaments. Mode of access: Internet Decressin, Jorg. Deppler, Michael. IMF Policy Discussion Papers; Policy Discussion Paper ; No. 2005/002 Full text available on IMF http://elibrary.imf.org/view/journals/003/2005/002/003.2005.issue-002-en.xml IMF e-Library