[Inherent Instability: The Role of the Output Gap in the Stability and Growth Pact]. / Inhärente Instabilität: zur Rolle der Output-Lücke im Stabilitäts- und Wachstumspakt.

Fiscal rules in general and the Stability and Growth Pact in particular are repeatedly used to effectively limit public debt and achieve fiscal sustainability. In this context, the concept of the unobservable output gap deserves special attention.