The "muting" of the stability and growth pact Articles uri icon

publication date

  • November 2021

start page

  • 73

end page

  • 90


  • 23

International Standard Serial Number (ISSN)

  • 1528-8870

Electronic International Standard Serial Number (EISSN)

  • 2049-7636


  • This article proposes the 'muting” of the SGP, the framework of rules that the EU has
    implemented since the coming into being of the European Monetary Union in the fiscal
    domain. It is argued herein that the system is far from being credible, from the
    perspective of the law-as-credibility paradigm. Therefore, the legal condition of the
    SGP should be 'muted”. Three proposals to legally mute the SGP are examined in
    this article. The Open Method of Coordination is used as a useful model that could
    be followed from now on in the EU fiscal field. The gains in terms of legal credibility
    would argue in favour of the muting of the SGP and its correlative conversion into an
    OMC-like system.


  • Law


  • stability and growth pact; eu fiscal rules; credibility; legitimacy; law as credibility; open method of coordination; naming; shaming; faming; blanchard; rules; discretion; financial; markets