101 Proposals to reform the Stability and Growth Pact. Why so many? A Survey



Table 3

: 101 proposals to reform the

SGP. Frequency distribution across clusters and characteristics

_____________________________Cluster_________________________________

Total_______

F-test

1

2

3

4

Disenchanted
reformers

Defenders of
fiscal discipline

Advocates of
economic
growth

Supporters of
long-term
sustainability

No

%

No

%

No

__%

No

%

No

%

31

30.7

19

18.8

32

31.7

19

18.8

101

100

Variable

Category____________________________

aim

1=Short-term stabilisation

3

9.7

6

31.6

5

15.6

5

26.3

19

18.8

2=Short-term budget discipline

5

16.1

4

21.1

1

3.1

1

5.3

11

10.9

3=Long-run sustainability

5

16.1

2

10.5

5

15.6

7

36.8

19

18.8

4=Optimal policy mix

4

12.9

2

10.5

7

21.9

0

0.0

13

12.9

5=Economic growth

4

12.9

1

5.3

5

15.6

2

10.5

12

11.9

6=Combination of aims

5

16.1

4

21.1

7

21.9

3

15.8

19

18.8

7=Market solution

5

16.1

0

0.0

2

6.3

1

5.3

8

7.9

Total_____________________________________

31

100

19

100

32

100

19

100

101

100

0.11

model

No

25

80.6

9

47.4

29

90.6

11

57.9

74

73.3

Yes

6

19.4

10

52.6

3

9.4

8

42.1

27

26.7

Total________________________________________

31

100

19

100

32

100

19

100

101

100.0

0.00

empir

No

25

80.6

6

31.6

10

31.3

15

78.9

56

55.4

Yes

6

19.4

13

68.4

22

68.8

4

21.1

45

44.6

Total_____________________________________

31

100

19

100

32

100

19

100

101

100

0.00

0=No modification or stregthening of

modif

SGP

1

3.2

1

5.3

2

6.3

1

5.3

5

5.0

1=Reinterpretation of old SGP

3

9.7

0

0.0

1

3.1

0

0.0

4

4.0

2=Changes in rules and procedures

15

48.4

9

47.4

19

59.4

10

52.6

53

52.5

3=Changes in institutions

4=Changes in both rules and procedures

3

9.7

4

21.1

3

9.4

1

5.3

11

10.9

and institutions

3

9.7

3

15.8

2

6.3

3

15.8

11

10.9

5=Abolish the SGP, alternatives

6

19.4

2

10.5

5

15.6

4

21.1

17

16.8

Total________________________________________

31

100.0

19

100.0

32

100.0

19

100.0

101

100.0

0.83

nprop

1

28

90.3

16

84.2

23

71.9

10

52.6

77

76.2

2

0

0.0

1

5.3

6

18.8

8

42.1

15

14.9

3

3

9.7

2

10.5

2

6.3

0

0.0

7

6.9

More than 3

0

0.0

0

0.0

1

3.1

1

5.3

2

2.0

Total_____________________________________

31

100

19

100

32

100

19

100

101

100

0.16

welf

Political economy

10

32.3

8

42.1

9

28.1

5

26.3

32

31.7

Welfare

15

48.4

7

36.8

20

62.5

10

52.6

52

51.5

Both

6

19.4

4

21.1

3

9.4

4

21.1

17

16.8

Total________________________________________

31

100.0

19

100.0

32

100.0

19

100.0

101

100.0

0.48

date

More than 6 years

2

6.5

0

0.0

0

0.0

0

0.0

2

2.0

Less than 6 and more than 2 years

3

9.7

3

15.8

2

6.3

1

5.3

9

8.9

Less than 2 years and more than 1 year

2

6.5

4

21.1

3

9.4

1

5.3

10

9.9

One year before Nov. 2003

8

25.8

7

36.8

11

34.4

6

31.6

32

31.7

After Nov. 2003

16

51.6

5

26.3

16

50.0

11

57.9

48

47.5

Total_____________________________________

31

100.0

19

100.0

32

100.0

19

100.0

101

100.0

0.32

large

Small

6

19.4

4

21.1

4

12.5

6

31.6

20

19.8

Large

22

71.0

15

78.9

28

87.5

11

57.9

76

75.2

Both

3

9.7

0

0.0

0

0.0

2

10.5

5

5.0

Total_____________________________________

31

100

19

100

32

100

19

100

101

100

0.22

euro

Non-euro area

11

35.5

6

31.6

5

15.6

5

26.3

27

26.7

Euro-area

16

51.6

12

63.2

25

78.1

11

57.9

64

63.4

Both

4

12.9

1

5.3

2

6.3

3

15.8

10

9.9

Total_____________________________________

31

100

19

100

32

100

19

100

101

100

0.21

eur

Non-EU

4

12.9

4

21.1

1

3.1

2

10.5

11

10.9

EU

23

74.2

14

73.7

29

90.6

17

89.5

83

82.2

Both

4

12.9

1

5.3

2

6.3

0

0.0

7

6.9

Total_____________________________________

31

100

19

100

32

100

19

100

101

100

0.21

acad

No

10

32.3

5

26.3

11

34.4

1

5.3

27

26.7

Yes

18

58.1

13

68.4

15

46.9

15

78.9

61

60.4

Both

3

9.7

1

5.3

6

18.8

3

15.8

13

12.9

Total_____________________________________

31

100.0

19

100.0

32

100.0

19

100.0

101

100.0

0.10

Note: F-test displays the probability value of the test that the average value of

a given category is the same

across clusters.

-38-



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