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Against the background of the European Commission's reform plans of the Stability and Growth Pact (SGP) this policy brief uses the macroeconometric multi-country model NiGEM to simulate the macroeconomic implications of the most relevant reform options from 2024 onwards. Next to a return to the...
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There is no clear-cut evidence on how the adoption of the European fi scal standards influences discretionary fi scal policies within the Member States. This study investigates that phenomenon on the example of the 2004 enlargement. The results show that the e ffects of the adoption of EU fiscal...
Persistent link: https://www.econbiz.de/10013061975
the creation of the Eurozone, fiscal policy has been at the heart of economic (but also political/media) discussions in … the EU. From the Stability and Growth Pact (1997) to the more recent Fiscal Treaty, EU and Eurozone, countries have been … subject to various fiscal rules. The importance of these rules, and of the subsequent procedures that every Eurozone country …
Persistent link: https://www.econbiz.de/10012397042
The current European fiscal framework is highly complex. The multitude of fiscal rules and the discretion in their enforcement precludes an effective oversight and weakens the effectiveness of fiscal rules substantially. Against this background, we present a proposal for a careful refocusing of...
Persistent link: https://www.econbiz.de/10011898769
the creation of the Eurozone, fiscal policy has been at the heart of economic (but also political/media) discussions in … the EU. From the Stability and Growth Pact (1997) to the more recent Fiscal Treaty, EU and Eurozone, countries have been … subject to various fiscal rules. The importance of these rules, and of the subsequent procedures that every Eurozone country …
Persistent link: https://www.econbiz.de/10011966757
This paper presents a review of the most significant fiscal rules policymakers can choose from. The insights from this review are then applied to the current budgetary situation of the European Union. In the European Union, the supranational Stability and Growth Pact (SGP) should provide the...
Persistent link: https://www.econbiz.de/10008808242
Most parts of the Euro area have seen seven years of deep economic crisis. The strategy of tightening the fiscal constraints of the SGP has driven many member states into austerity. In contrast, the golden rule of public investment proposed in this study would be one important element of the...
Persistent link: https://www.econbiz.de/10011336549