is in the details. This debate has also tended to peter out. The ECB and its monetary strategy
appear to have been basically accepted by the economic profession.
The marked difference in professional opinion across economists is due, then, to the simple
fact that there is a commonly accepted view on the role of monetary policy but not on the role
of fiscal policy. As long as the profession is in disagreement about the role of fiscal policy,
the SGP will be the subject of reform proposals. This will be the case for the new SGP as
well.
-32-