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each other, it is often claimed that the EU fiscal framework, by reducing the budgetary room for manoeuvre and the … empirical evidence supporting this argument. In a sample of EU-15 countries over the past three decades, the introduction of the …
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Under numerical fiscal rules, such as those underpinning EMU, governments have strong temptations to use accounting tricks to meet the fiscal constraints. Given these political incentives, fiscal variables that in the past were regarded as a mere residual acquire a strategic role. This is the...
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This paper analyses the main features and determinants of labour market reforms in the EU over the period of 2000 … increased policy activity in most policy domains in a large number of EU countries, initially to cushion the impact of the … indicates that reform activism is stronger in countries with lower GDP per capita and long-standing EU membership, under …
Persistent link: https://www.econbiz.de/10011288689
This paper analyses the adjustment mechanism in the euro area prior to the crisis. Results show that the real exchange rate adjusted to redress cyclical divergences and that after monetary unification, real exchange rate dynamics became less reactive to country-specific shocks but also less...
Persistent link: https://www.econbiz.de/10009748633
The cyclically adjusted budget balance (CAB) plays a key role in the EU fiscal surveillance framework. It started off … partly met. The everyday practice of the EU fi scal surveillance rapidly revealed a number of caveats of the CAB which, at … fortunes of the CAB in the EU fiscal surveillance framework. It portrays its main shortcomings and the way they are dealt with …
Persistent link: https://www.econbiz.de/10009659548