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A European fiscal framework designed for stability or growth?
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A European fiscal framework designed for stability or growth?

27 Seiten · 4,71 EUR
(16. Oktober 2006)

 
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From the introduction of the editors:

The paper by Catherine Mathieu and Henri Sterdyniak addresses the weaknesses of the Euro area fiscal framework and provides a brief assessment of the first years of experience with the Stability and Growth Pact (SGP). The SGP introduced in 1997 has rapidly shown its needs for reforms, both on economic and political grounds. The Euro area has remained a low growth area, while the implementation of rigid fiscal rules lacking economic rationale has induced persistent tensions among member states. The new anti-Keynesian view behind the fiscal framework has a very weak basis both theoretically and empirically. The authors argue that although the European Council’s agreement of March 2005 makes steps towards more economic rationale, important issues remain unsolved. Member States should keep their prerogative on national fiscal policy, as long as it does not affect the macroeconomic position of the area. Binding rules should bear directly on negative externalities: inflation and current account balances. In addition, real economic policy coordination should be set up within the Eurogroup, with the European Central Bank (ECB) accepting to enter into dialogue. This coordination should not focus on budgetary positions in balance, but should aim at supporting economic activity and achieving the 3 percent annual growth target of the Lisbon strategy.


zitierfähiger Aufsatz aus ...
European Economic Policies
Eckhard Hein, Arne Heise, Achim Truger (eds.):
European Economic Policies
the authors
Catherine Mathieu
Catherine Mathieu

born in 1965, is an economist at the OFCE (Observatoire français des conjonctures économiques), Paris, France. She has chaired the EUROFRAME group of research institutes and is currently President of the AIECE (Association of European Conjuncture institutes).

[weitere Titel]
Henri Sterdyniak
Henri Sterdyniak

born in 1951, is an economist at the OFCE (Observatoire français des conjonctures économiques), Paris. He has taught at Sciences-Po Paris and at the University of Paris-Dauphine. He has published many articles on fiscal and monetary policy issues, European issues, tax and social policy issues.

[weitere Titel]