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EU fiscal rules are meant to keep public finances on a sustainable path. This paper presents a new database that tracks numerical compliance with the four main rules of the Stability and Growth Pact starting in 1998. Our assessment of numerical compliance abstracts from the many exceptions and...
Persistent link: https://www.econbiz.de/10014334679
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.
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The fiscal framework needs in practice to achieve a balance between, on the one hand, effective budgetary rules that allow governments to commit to sound policies and, on the other, judgements and discretion in how these are applied so that the framework adequately reflects the complexity of the...
Persistent link: https://www.econbiz.de/10013343165
Because they exert cross-border spillover effects, fiscal policies of individual EU member states are a common concern for the entire EU.
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While the euro officially came into being in 1999, it was the introduction of euro notes and coins 20 years ago in January 2002 that made the common currency a tangible reality for European citizens. The circle of member states has since grown from 11 to 19, and a growing section of the...
Persistent link: https://www.econbiz.de/10013343170
The European Union has weathered a number of turbulent storms in recent years from the COVID-19 pandemic to the ongoing war in Ukraine. These crises have highlighted the limitations of the EU budget and the need for the flexibility to adequately respond to challenges in real time. They have also...
Persistent link: https://www.econbiz.de/10014459456
EU member states observe an elaborate process to preserve macroeconomic stability: the macroeconomic imbalance procedure (MIP). The MIP is supposed to monitor and prevent macroeconomic imbalances - and if necessary, correct them. It considers a variety of variables to determine the existence of...
Persistent link: https://www.econbiz.de/10015047874
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