Fiscal rules of EU were ‘drawn out of thin air’ — Nobel prize winning economist
Prof Joseph Stiglitz says growth and stability pact has ‘fundamental flaws’ and is counterproductive for the European economy
The fiscal rules of the European Union make no economic sense and were “drawn out of thin air”, according to Prof Joseph Stiglitz, a Nobel prize winning economist who previously held senior positions in the World Bank and the Clinton Administration.
The world-renowned economist said the EU’s growth and stability pact, which has underpinned the central fiscal rules of the bloc for the past 30 years, had many “fundamental flaws” and were counterproductive for the ...