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The Stability and Growth Pact ‐ Theorizing a Case in European Integration *
Author(s) -
HEIPERTZ MARTIN,
VERDUN AMY
Publication year - 2005
Publication title -
jcms: journal of common market studies
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.54
H-Index - 90
eISSN - 1468-5965
pISSN - 0021-9886
DOI - 10.1111/j.1468-5965.2005.00605.x
Subject(s) - intergovernmentalism , stability and growth pact , european integration , stability (learning theory) , european union , politics , pact , process (computing) , economics , economic and monetary union , economic integration , political science , law and economics , keynesian economics , international economics , positive economics , international trade , law , computer science , member states , machine learning , operating system
Abstract This article looks at the Stability and Growth Pact (SGP) as a case study in European integration. Applying the theoretical lenses of various European integration approaches (intergovernmentalism, domestic politics, neofunctionalism and an ‘expertocratic’ approach) it seeks to explain the creation of the SGP as well as its subsequent implementation. The findings show that these approaches are able to illuminate different parts of the process. The article thus argues that only an eclectic combination of the approaches provides a satisfactory theoretical explanation of the SGP as a fundamental element of the rules‐based economic and monetary union (EMU) regime.