Özet:

To coordinate the fiscal policies of the Member States of the Economic and Monetary Union (EMU), some criteria have been set with Maastricht and the Stability and Growth Pact (SGP). Larger Member States have violated the Code many times before and after the establishment of the EMU. Larger countries that have difficulty in meeting the fiscal rules (criteria) have requested the revision of the SGP and hence the rules of the SGP have been relaxed. Because of these developments, several reasons have been discussed in the literature on the difficulty of major member states with fiscal rules. These reasons consist of political, economic and institutional factors. In this study, it is researched the underlying reasons of compliance of small countries with fiscal rules of Maastricht and SGP and continual violation of these rules by larger countries and some deductions have been made for Turkey.

Anahtar Kelimeler: