A key element of the European reform agenda is to simplify the EU fiscal governance framework by moving towards a single debt anchor and a single operational indicator as the basis for formulating fiscal targets and assessing compliance. This paper puts forward an in-depth analysis of two...

Boije and Fischer examine the role of fiscal indicators in the Swedish rules based budgetary framework, which requires that the general government budget position show a surplus of 2 per cent of GDP over the cycle. They consider the indicators developed by different institutions for measuring...

Woods examines the role of fiscal indicators in the UK fiscal policy framework. This includes the golden rule and the sustainable investment rule, requiring public sector net debt as a proportion of GDP to be held at a stable and prudent level over the economic cycle. Woods considers the wide...

Pattnaik, Raj and Chander examine the role of fiscal indicators in the Indian policy framework, which is essentially based on the Fiscal Responsibility and Budget Management Act of 2003 (FRBM). After surveying the literature on the measurement of structural and cyclical components of budget...