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This study applies Taylor's (2000) proposed fiscal rule to EU-15 countries. We show that such a simple, flexible and transparent fiscal rule, if applied to individual EMU countries, could improve the enforceability of the Stability and Growth Pact. This rule is used to compute the structural budget balance consistent with a total budget position in balance, given national specificities concerning automatic stabilisers and the output gap. It is thus designed for being consistent with both fiscal discipline and flexibility.

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Economy Perspective 15 29 Eichengreen, B. (2003): What to Do with the Stability Pact. Intereconomics, 38(1): 7-10. What to Do

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Design of the European Monetary Union: Conservatism, Stability Pact and Economic shocks. Economic Notes , 30: 109–143. Gambacorta L. On the Institutional Design of the European

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