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What is Stability and Growth Pact

Global Perspectives on the Emerging Trends in Public Diplomacy
The Stability and Growth Pact is a set of fiscal rules designed to prevent countries in the European Union from spending beyond their means and to ensure stability and sustainability in their economic policies.
Published in Chapter:
Geopolitical Perspective of the EU's Post-Pandemic Public Diplomacy Prospects and Challenges
Mukesh Shankar Bharti (Jawaharlal Nehru University, India) and Arindam Goswami (Amity University, Noida, India)
Copyright: © 2023 |Pages: 26
DOI: 10.4018/978-1-6684-9161-4.ch002
Abstract
Public diplomacy has gained a significant position in global politics as the central source of soft power. The EU's public diplomacy has been pioneering and justifying its supranational identity within Europe and outside of the EU's boundary as well. The time of the 2007 recession and the refugee crisis are core issues where the EU is struggling to make itself a supranational identity and global player. This chapter is trying to discuss how the EU's public diplomacy achieved positive outcomes after the recurring shocks and how the post-pandemic EU continues to focus on strengthening its inter-continental connectivity towards the Indo-Pacific, Africa, Australia, the Caribbean, Latin America, and other regions of the world. This research explains how the EU's public diplomacy works to accelerate its geopolitical agenda across the world.
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An Investigation of the Maastricht Fiscal Criteria and the European Union's Harmonization
The accordance of the concerned country is observed, the report is prepared, the recommendations are presented and the measures to be taken are set forth with Stability and Growth Pact. Stability and Growth Pact (SGP) entered into force in 1997 in order to ensure that the financial criteria established by the Maastricht Treaty were implemented in a more powerful way.
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The Twin Deficit as an Early Warning Sign in Avoiding Crises: The Case of Greece
The SGP, enacted in 1997, was created to establish rules to ensure that all involved countries help maintain the value of the euro by enforcing fiscal responsibility. Specifically, each country must maintain an annual budget deficit that is no greater than 3% of GDP, and each must have a national debt that is lower than 60% of GDP.
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