The further development of the European Community that has been decided at the Maastricht summit will be impossible to realize without a significant increase in the EC budget and an adjustment to the financing system. What will be the additional financing requirement? How could the Community's...

In June 1988 the Council, the European Parliament and the Commission concluded an “Interinstitutional Agreement on Budgetary Discipline and Improvement of the Budgetary Procedure”. A key element of the agreement is a commitment to medium-term financial planning for the Community for the...

The EC's budgetary problems are coming to a head. For 1983 virtually all the Community's resources have been utilized, and there are growing fears that the Community will soon have to declare itself bankrupt unless changes are made to current policy. What should be done to secure the financing...

Faced with the impossibility of reaching a political agreement to review the fiscal treaties, the Commission could limit itself to applying the current rules with flexibility, which would maintain an ambiguous situation: much ado about nothing.

Too much blood in terms of unemployment and sweat in terms of intellectual effort has been spent on trying to determine the amount of fiscal space that economies have — our policy focus instead should be on what to do with the fiscal space that almost all advanced economies (and a surprising...