The Stability and Growth Pact (SGP), first enacted in 1997, has proven to be one of the most contested and controversial features of the Economic and Monetary Union, and the broader European Union (EU). Against a backdrop of prolonged stagnation and low growth, ultra-low interest rates, rising income and wealth inequality, and a desperate need for massive public investment in the climate transition, placing arbitrary restrictions on the borrowing and spending abilities of European governments cannot be economically or socially justified.

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