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Taking stock of the functioning of the EU fiscal rules and options for reform

Kamps, Christophe; Leiner-Killinger, Nadine - 2019

This paper reviews developments in fiscal rules in the European Union (EU) from the entering into force of the Treaty … that fiscal positions in the EU and the euro area are now more favourable than they would have been in the absence of the …

Persistent link: https://www.econbiz.de/10012063785

A fiscal capacity for the euro area : lessons from existing fiscal-federal systems

Burriel, Pablo; Chronis, Panagiotis; Freier, Maximilian; … - 2020

After the financial and economic crisis in Europe, a broad consensus has emerged that a stronger fiscal dimension may be needed to complete the architecture of Economic and Monetary Union (EMU). This paper analyses the performance of interregional transfers in existing fiscal-federal systems,...

Persistent link: https://www.econbiz.de/10012197708

Fiscal expenditure spillovers in the euro area : an empirical and model-based assessment

Alloza, Mario; Ferdinandusse, Marien; Jacquinot, Pascal; … - 2020

The paper describes the main transmission channels of the spillovers of national fiscal policies to other countries within the euro area and investigates their magnitude using different models. In the context of Economic and Monetary Union (EMU), fiscal spillovers are relevant for the accurate...

Persistent link: https://www.econbiz.de/10012206331

The effects of high inflation on public finances in the euro area : based on the analysis by the Eurosystem members of the Working Group on Public Finance

Bańkowski, Krzysztof (ed.); … - 2023 - Revised December 2023

The recent spike in inflation, unprecedented in the history of the Economic and Monetary Union (EMU), has had major consequences for all areas of the economy, including public finances. This paper aims to provide a detailed assessment of the effects of high inflation on fiscal accounts in the...

Persistent link: https://www.econbiz.de/10014420379

Towards a single performance indicator in the EU's fiscal governance framework : an assessment of the expenditure and structural balance rules in the European fiscal governance fra...

Benalal, Nicholai; Freier, Maximilian; Melyn, Wim; … - 2022

A key element of the European reform agenda is to simplify the EU fiscal governance framework by moving towards a …. This paper puts forward an in-depth analysis of two alternative fiscal performance indicators currently used in the EU … the EU fiscal governance framework has advantages over the change in the structural balance. However, it still has scope …

Persistent link: https://www.econbiz.de/10012800643

Monetary-fiscal policy interactions in the euro area

2021

The last review of the ECB’s monetary policy strategy in 2003 followed a period of predominantly upside risks to price stability. Experience following the 2008 financial crisis has focused renewed attention on the question of how monetary and fiscal policy should best interact, in particular...

Persistent link: https://www.econbiz.de/10012650770

The climate change challenge and fiscal instruments and policies in the EU

Avgousti, Aris; Caprioli, Francesco; Caracciolo, Giacomo; … - 2023

Fiscal policy plays a prominent role in climate change mitigation and adaptation. An optimal combination of revenue policies, in particular taxes, and expenditure policies, such as subsidies and investment, is essential in order to achieve greenhouse gas emissions targets. This paper analyses...

Persistent link: https://www.econbiz.de/10014248742

The macroeconomic and fiscal impact of population ageing

Bodnár, Katalin; Nerlich, Carolin - 2022

The euro area, like many other advanced economies, has entered an era of drastic demographic change. Without appropriate policy responses, population ageing in the euro area is posing formidable challenges for potential growth, monetary policy and public finances. This paper examines - from a...

Persistent link: https://www.econbiz.de/10013286706

Public wage and pension indexation in the euro area : an overview

Checherita-Westphal, Cristina (ed.) - 2022

If the responses of wages - both private and public - and of pensions to an increase in inflation lead to second-round effects, this can make an inflationary shock more persistent, especially in the presence of automatic wage and pension indexation. This occasional paper presents an overview of...

Persistent link: https://www.econbiz.de/10013334627

NGFS climate scenarios for the euro area : role of fiscal and monetary policy conduct : opening up the macroeconomic toolbox and its sensitivity to policy settings

Darracq Pariès, Matthieu; Dées, Stéphane; De Gaye, … - 2023

In this paper we analyse the sensitivity of the macroeconomic outcomes under the Network for Greening the Financial System's (NGFS's) Phase III net-zero and delayed transition scenarios to different monetary and fiscal policy settings. In doing so, we provide a rare application of the NGFS...

Persistent link: https://www.econbiz.de/10014442796