Publication at Faculty of Law |
2012
Abstract
Stability and Growth Pact introduced in 1997 a set of sanctions against Member States violating budgetary discipline in Eurozone. Enforcement of sanctions has been a big problem.
In 2004 no sanctions were applied against France and Germany violating seriously against Stability and Growth Pact Rules. A reform of Stability and Growth Pact in 2005 did not bring any substantial changes.
Only recently a new format of sanctions was introduced including a so-called "reversed majority voting". The latter was used as wee lint the on budgetary responsibility being criticized for no-compliance with EU Treaties principles.