caa a22 4500 606237186 CHVBK 20210128101251.0 cr unu---uuuuu 210128e20150101xx s 000 0 eng 10.1007/s10272-015-0522-6 doi (NATIONALLICENCE)springer-10.1007/s10272-015-0522-6 The Stability and Growth Pact, and Balanced Budget Fiscal Stimulus: Evidence from Germany and Italy [Elektronische Daten] [Konstantinos Karagounis, Dimitrios Syrrakos, John Simister] This paper assesses the limitations that the Stability and Growth Pact has imposed on Italy's economic recovery and its debt reduction. By evaluating Germany's fiscal policy since 1997, the paper offers recommendations for the Italian authorities. Measures put forward by European Union institutions are hampering Italy's economic recovery, and evidence indicates that fiscal consolidation is ineffective in reducing the debt-to-GDP ratio. A balanced budget fiscal injection seems the only way for Italy to escape from its economic slump without further violations of the SGP. The paper concludes that the Pact either needs to be reformed or replaced by a central fiscal authority. ZBW and Springer-Verlag Berlin Heidelberg, 2015 Karagounis Konstantinos Department of Accounting, Finance and Economics, Manchester Metropolitan Uni. Business School, All Saints Campus, Oxford Rd, M15 6BH, Manchester, UK aut Syrrakos Dimitrios Manchester Metropolitan Uni. Business School, All Saints Campus, Oxford Rd, M15 6BH, Manchester, UK aut Simister John Manchester Metropolitan Uni. Business School, All Saints Campus, Oxford Rd, M15 6BH, Manchester, UK aut Intereconomics Springer Berlin Heidelberg 50/1(2015-01-01), 32-39 0020-5346 50:1<32 2015 50 10272 https://doi.org/10.1007/s10272-015-0522-6 text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10272-015-0522-6 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Karagounis Konstantinos Department of Accounting, Finance and Economics, Manchester Metropolitan Uni. Business School, All Saints Campus, Oxford Rd, M15 6BH, Manchester, UK aut NATIONALLICENCE 700 1- Syrrakos Dimitrios Manchester Metropolitan Uni. Business School, All Saints Campus, Oxford Rd, M15 6BH, Manchester, UK aut NATIONALLICENCE 700 1- Simister John Manchester Metropolitan Uni. Business School, All Saints Campus, Oxford Rd, M15 6BH, Manchester, UK aut NATIONALLICENCE 773 0- Intereconomics Springer Berlin Heidelberg 50/1(2015-01-01), 32-39 0020-5346 50:1<32 2015 50 10272