Combining economic and political science perspectives, this important new book describes and analyses the circumstances and events leading to the demise and subsequent reform of the Stability and Growth Pact (SGP). It aims both to find a solution to the dilemmas posed by fiscal policy coordination in the context of a single currency area, as well as contrasting the alternative heuristic frameworks and theoretical perspectives employed.

Focusing particularly on the question of credibility, its definition and its meaning in the day-to-day working of EMU, the book examines the actual performance of the SGP and proposes ways in which the integrity of European fiscal rule-making might be improved in the future.

Dr Simona Talani is a research fellow in the European Institute at LSE and a lecturer in European Politics at the University of Bath.

Bernard Casey is a member of the faculty of Finance at Cass Business School, London.

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