The study analyses the dynamics and the structure of Ukraine's public finances. It assesses the medium-term impact of fiscal austerity 2014-2016, examines fiscal sustainability and estimates further fiscal adjustment efforts. It evaluates the economic and social implications of current fiscal...

In this paper, we describe key problems of the current EU's fiscal framework and offer constructive options for its reform. A comprehensive reassessment of the rules is necessary, as the development of the rules has reached an impasse for both political and technical reasons. In our view, Europe...

The euro area sovereign debt crisis has highlighted the importance of reducing public debt levels and building up sufficient fiscal buffers during normal and good times. It has also reaffirmed the need for a thorough debt sustainability analysis (DSA) to act as a warning system for national...

The pressures on fiscal consolidation have mounted dramatically in the wake of the Greek and then the 'contagion' crisis which followed it (across the so-called 'weakest links' Portugal, Spain, Italy, Ireland). It led to the setting-up of the 750 billion euro stabilisation package widely seen as...

In this paper, we describe key problems of the current EU's fiscal framework and offer constructive alternatives to reforming it. A comprehensive reassessment of the rules is necessary, as the development of the rules has reached an impasse for both political and technical reasons. In our view,...

[Fazit] Statt einer Abschaffung der Schuldenbremse und einer Rückkehr zur Welt vor Einführung der Schuldenbremse sollte die Regelung vielmehr zukunftsfest überarbeitet werden. Zwei Argumente sprechen dafür: Erstens besteht unverkennbar ein enormes Investitionsdefizit, zweitens sind die...

This paper reviews the main arguments underpinning the reform of the EU's fiscal framework, which has culminated in the adoption by the EU legislators of a revised set of rules for the European economic governance including the Stability and Growth Pact (SGP). It takes a chronological approach...

This paper reviews developments in fiscal rules in the European Union (EU) from the entering into force of the Treaty on European Union (the 'Maastricht Treaty'), which laid the foundations for the euro, until today. It seems safe to say that fiscal positions in the EU and the euro area are now...

Gegenstand der vorliegenden Studie ist eine Überprüfung des von der EU-Kommission vorgeschlagenen Ansatzes zur indikatorbasierten Messung der Qualität öffentlicher Finanzen am Fallbeispiel Deutschland. Auf Basis grundlegender Anforderungen an ein solches Instrument wird die Darstellung der...

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...