Eurozone members are supposedly constrained by the fiscal caps of the Stability and Growth Pact. Yet ever since the … are especially over-optimistic when the budget deficit is over the 3 % of GDP ceiling at the time the forecasts are made …. Those exceeding this cap systematically but falsely forecast a rapid future improvement. The new fiscal compact among the …

Can fiscal transparency, accountability and macro-fiscal stabilization be imposed by adopting a fiscal responsibility … law (FRL)? Skeptics argue that law is impotent or that the existing legal framework for the budget system suffices. In … Europe, supranational fiscal rules were previously seen to be adequate. After reviewing the experience with FRLs around the …

’s strategy – fiscal consolidation, growth-boosting structural reforms and higher inflation – could make to reversing the rise in … Japan’s public debt ratio, currently about 230% of GDP. The findings indicate that fiscal consolidation amounting to around …-term fiscal strategy. With moderately higher growth coming from increased female labour force participation and higher …

-governmental fiscal relations could help contain expenditure dynamics. Efficiency-raising reforms in key spending areas such as pensions …Performance of fiscal policy, while good in international comparison, is not sufficient to prepare for future ageing … planned, with a view to reducing the debt burden below 60% of GDP by 2020. Austrian fiscal policies have tended to be pro …

Although Canada remains in an advantageous fiscal position relative to many other OECD countries as the global economy … than tax increases. When focused on restraining less productive expenditure, they can also boost economic growth. Fiscal … target reductions in debt-to-GDP ratios, perhaps supported by budget surplus targets. Temporary fiscal stimulus measures …