Рассмотрена роль Германии в реформе европейского Пакта стабильности и роста 1997 г., аргументы сторонников и противников изменения Пакта. Показано, что отступление Германии под властью социал-демократов от принципов бюджетной дисциплины в валютном союзе ЕС негативно повлияло на его развитие, ослабив один из немногих инструментов по контролю за чрезмерной задолженностью его членов.

The role of Germany in the reforming of the Stability
and Growth Pact in 2005. Origins of the Eurozone crisis

Alipov V.

The role of Germany in the reforming of the Stability and Growth Pact (SGP) signed by EU members in 1997 is considered. Arguments of supporters and opponents of the reform are also considered. The conclusion was made that Germany under the rule of social democrats backed from principles of the budget discipline in the Economic and Monetary Union (EMU). This affected negatively its future development, since one of the few instruments that could control excessive debts of its members was loosened.