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Enforcement And The Stability And Growth Pact How Fiscal Policy Did And Did Not Change Under Europes Fiscal Framework
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Book Synopsis Enforcement and the Stability and Growth Pact: How Fiscal Policy Did and Did Not Change Under Europe's Fiscal Framework by : Anthony Annett
Download or read book Enforcement and the Stability and Growth Pact: How Fiscal Policy Did and Did Not Change Under Europe's Fiscal Framework written by Anthony Annett and published by International Monetary Fund. This book was released on 2006-05 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Stability and Growth Pact has been a success in numerous EU countries, especially in guiding them toward underlying fiscal balance ahead of population aging. These countries tend to be smaller, subject to greater macroeconomic volatility, and reliant on a form of fiscal governance that emphasizes targets and contracts. Most of the new members share these characteristics. For the countries less compatible with the Pact, domestic governance reforms that increase the reputational costs for noncompliance can be useful complements to the fiscal framework.
Book Synopsis IMF Working Papers by : Anthony Annett
Download or read book IMF Working Papers written by Anthony Annett and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stability and Growth in Europe by : Antonio Fatás
Download or read book Stability and Growth in Europe written by Antonio Fatás and published by Centre for Economic Policy Research. This book was released on 2003 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fiscal policy framework of the EMU is in a states of crisis. Since the start of EMU, fiscal conditions in some member states have slipped considerably beyond the limits set by the Maastricht Treaty and the Stability and Growth Pact. It is clear that the preventive arm of the Stability and Growth Pact has failed to preclude excessive deficits. There is no shortage of proposals to reform the current fiscal framework in this crisis situation. They range from calls for softening their implementation, and to proposals for closer coordination of national fiscal policies. None of these proposals offers a convincing solution to the problem at the heart of the current crisis: how to balance the need for effective long-run fiscal stability in EMU with the need for short-run flexibility of fiscal policy in the member states. After a detailed analysis of the virtues and defects of the current fiscal framework, this report presents a proposal for reform that addresses this issue. The authors argue that EMU should move away from rigid fiscal rules for annual deficits towards a more judgmental process of monitoring the sustainability of fiscal policies. This approach is guided by three principles: independence, transparency, and legitimacy. Together wit the ability to assess the fiscal situation and outlook of each euro-area member state, they are the keys to designing a framework that provides enough flexibility and, at the same time, can build the required credibility and political support. The authors propose the creation of a Sustainability Council for the EMU, and independent body with the sole statutory task of safeguarding the sustainability of public finances in the euro area. The Sustainability Council regularly and openly reports to the public and the European Parliament its assessment of the member states' fiscal policies, taking into account past performance, current perspectives and the future course of fiscal policies. Its mandate is the counterpart of the ECB's principal task of maintaining price stability. However, the Sustainability Council has no operative role in fiscal policy; it relies solely on the pressure of informed public opinion to discipline national governments. The use of the instruments of fiscal policy is entirely left to the national governments, and the Sustainability Council can only be conceived as a judge of national public finances.
Book Synopsis Implementing the Stability and Growth Pact by : Roel M. W. J. Beetsma
Download or read book Implementing the Stability and Growth Pact written by Roel M. W. J. Beetsma and published by International Monetary Fund. This book was released on 2005-03 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper analyzes some key policy trade-offs involved in the implementation of the Stability and Growth Pact. Greater "procedural" flexibility in the Pact's implementation may improve welfare. Procedural flexibility designates the enforcer's room to apply judgment on underlying policies and to set a consolidation path that does not discourage high-quality measures. Budgetary opaqueness may hinder the qualitative assessment of fiscal policy; therefore, better monitoring and greater transparency would increase the benefits from procedural flexibility. Overall, a simple deficit rule with conditional procedural flexibility can contain excessive deficits, lower unproductive spending, and increase high-quality outlays.
Author :Andrew Hughes Hallett Publisher :Centre for Economic Policy Research ISBN 13 :9781898128823 Total Pages :90 pages Book Rating :4.1/5 (288 download)
Book Synopsis Fiscal Policy in Europe, 1991-2003 by : Andrew Hughes Hallett
Download or read book Fiscal Policy in Europe, 1991-2003 written by Andrew Hughes Hallett and published by Centre for Economic Policy Research. This book was released on 2003 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines the stance of fiscal policy in Europe since the 1980s, and the attempts that have been made to restrain the excessive deficits that have built up over the past 15 years. Some attempts to impose discipline have been successful, but many have not. The authors examine the reasons for this, and draw lessons for fiscal policy-making in the future. Current policies could weaken the euro. When the effects of a high deficit in one state are spread across the whole currency union, there is an incentive to run a more expansionary fiscal policy. Unsustainable debt paths can therefore be inflationary. Moreover, the loss of national monetary policies may have caused many governments to rely on fiscal policies to reach their goals. Fiscal discipline has therefore weakened visibly since EMU started, and this has undermined the institutional structure that was set up to enforce that discipline. A new structure will eventually be needed. A key point seems to be that a significant consolidation did take place as countries tried to meet the Maastricht criteria. But having qualified, many member states then relaxed their fiscal policies.The results suggest that, within five years of the launch of the euro, this 'Maastricht Effect' of greater discipline will have been eroded. The authors also find evidence that the smaller countries have shown more discipline than their larger neighbours. In addition, they find that governments have attempted to expand their economies for electoral gain. Finally, they emphasise the crucial role of growth. In fact, the report finds that the reductions in debt that have been achieved so far have been created almost exclusively through economic growth. This appears to be true even under regimes with the strictest expenditure controls. As a result, the Stability and Growth Pact appears not to have produced much discipline; but it has created pro-cyclical pressures and generated uncertainty when its enforcement has been uneven. These results show that it may be preferable to have growth-friendly policies, and to give a more prominent place to debt reductions in a regime of fiscal restraint.
Book Synopsis Playing by the Rules by : Luc Eyraud
Download or read book Playing by the Rules written by Luc Eyraud and published by International Monetary Fund. This book was released on 2015-03-24 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper contributes to the discussions on fiscal governance in Europe. It takes stock of recent reforms, identifies areas for further progress, and discusses a menu of policy options for the medium-term. The issues covered include: (i) the growing complexity of the European framework and ways to simplify it; (ii) the difficulties to measure and implement structural stance indicators; (iii) the challenge of reconciling fiscal sustainability and growth; (iv) the need to enhance coordination in the area of monitoring; and (v) the obstacles to compliance and proposals to strengthen enforcement.
Book Synopsis Fiscal Policy Making in the European Union by : Martin Larch
Download or read book Fiscal Policy Making in the European Union written by Martin Larch and published by Routledge. This book was released on 2009-12-16 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines key aspects of the measurement of fiscal policy making in the EU fiscal surveillance framework, highlighting strengths and weaknesses of current assessment practice. Based on the proceedings of a workshop organized by the European Commission’s Directorate-General Economic and Financial Affairs, the book’s contributions from leading experts will be of particular value to individuals and institutions involved in the fields of national and international economics and finance. Key Features: chapters are arranged within three main sections: Long-term sustainability; Measurement of the underlying budgetary position and discretionary fiscal policy; Reliability of fiscal indicators edited by Martin Larch and João Nogueira Martins expert contributors include António Afonso, Fabrizio Balassone, Fernando Ballabriga, Roy Barrell, Peter Brandner, Peter Claeys, Leopold Diebalek, Per Eckefeldt, Jonas Fischer, Daniele Franco, Jagadeesh Gokhale, Ian Hurst, Walpurga Köhler-Töglhofer, György Kopits, Martin Larch, Carlos Martinez-Mongay, James Mitchell, João Nogueira Martins, Jan in ’t Veld, Stefania Zotteri text amply supported by charts and tables. bibliography and Index
Author :European Commission. Directorate-General for Economic and Financial Affairs Publisher : ISBN 13 :9789279293511 Total Pages :35 pages Book Rating :4.2/5 (935 download)
Book Synopsis Building a Strengthened Fiscal Framework in the European Union by : European Commission. Directorate-General for Economic and Financial Affairs
Download or read book Building a Strengthened Fiscal Framework in the European Union written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2013 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This publication provides a non-technical overview of the Stability and Growth Pact, the rule-based framework for fiscal policy in the European Union. It is divided into two sections. The first section provides a historical look at the evolution of the SGP's framework, from the Pact's origins in the Maastricht Treaty to the most recent Two Pack reforms. It presents the changes that were made to the framework over the years and discusses the reasons for the reforms. The second section provides a description of the application of the SGP today, structured around the SGP's two arms, the preventive arm and the corrective arm.."--Document home page.
Book Synopsis Reforming Fiscal Governance in the European Union by : Michal Andrle
Download or read book Reforming Fiscal Governance in the European Union written by Michal Andrle and published by International Monetary Fund. This book was released on 2015-05-21 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Successive reforms have brought many positive elements to the European Union’s fiscal framework. But they have also increased its complexity. The current system involves an intricate set of fiscal constraints, which hampers effective monitoring and public communication. Compliance has also been weak. This note discusses medium-term reform options to simplify the framework and improve compliance. Based on model simulations and practical considerations, it argues for moving to a two-pillar approach, with a single fiscal anchor (public debt-to-GDP) and a single operational target (an expenditure growth rule, possibly with an explicit debt correction mechanism) linked to the anchor.
Book Synopsis Europe and the Euro by : Alberto Alesina
Download or read book Europe and the Euro written by Alberto Alesina and published by University of Chicago Press. This book was released on 2010-04-01 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is rare for countries to give up their currencies and thus their ability to influence such critical aspects of their economies as interest and exchange rates. Yet ten years ago a number of European countries did exactly that when they adopted the euro. Despite some dissent, there were a number of arguments in favor of this policy change: it would facilitate exchange of goods, money, and people by decreasing costs; it would increase trade; and it would enhance efficiency and competitiveness at the international level. A decade is an ideal time frame over which to evaluate the success of the euro and whether it has lived up to expectations. To that aim, Europe and the Euro looks at a number of important issues, including the effects of the euro on reform of goods and labor markets; its influence on business cycles and trade among members; and whether the single currency has induced convergence or divergence in the economic performance of member countries. While adoption of the euro may not have met the expectations of its most optimistic proponents, the benefits have been many, and there is reason to believe that the euro is robust enough to survive recent economic shocks. This volume is an essential reference on the first ten years of the euro and the workings of a monetary union.
Book Synopsis Second-Generation Fiscal Rules by : Luc Eyraud
Download or read book Second-Generation Fiscal Rules written by Luc Eyraud and published by International Monetary Fund. This book was released on 2018-04-13 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
Book Synopsis European Fiscal Policies Under the Stability Pact by : Harmen Lehment
Download or read book European Fiscal Policies Under the Stability Pact written by Harmen Lehment and published by . This book was released on 2002 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Future of the Stability and Growth Pact as a Tool for Economic Policy Co-ordination by : Hugo Zsolt de Sousa
Download or read book The Future of the Stability and Growth Pact as a Tool for Economic Policy Co-ordination written by Hugo Zsolt de Sousa and published by . This book was released on 2004 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Policy Instruments for Sound Fiscal Policies by : J. Ayuso-i-Casals
Download or read book Policy Instruments for Sound Fiscal Policies written by J. Ayuso-i-Casals and published by Springer. This book was released on 2009-08-14 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contributes to empirical research on the role of national fiscal rules and institutions in shaping fiscal policies. It provides original, policy-oriented analysis on a number of questions and gives illuminating conclusions about the devices which promote sound and sustainable policy. Contributors are leading experts.
Book Synopsis Fiscal Policy Surveillance in Europe by : Peter Wierts
Download or read book Fiscal Policy Surveillance in Europe written by Peter Wierts and published by Palgrave MacMillan. This book was released on 2006 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: The creation of the Economic and Monetary Union (EMU) and the introduction of the euro have given a strong impetus to fiscal policy coordination in the European Union (EU). The EU fiscal framework and the Stability and Growth Pact provide for the systematic surveillance of the fiscal policies of the large and heterogeneous group of 25 Member States. In this book, contributors from leading academic and international-policy institutions give a comprehensive overview of the central themes of current fiscal policy, including the impact of ageing populations on fiscal sustainability, the conduct of fiscal policy over the economic cycle, creative accounting in response to fiscal rules, fiscal decentralization, EU enlargement, and the link between expenditure reform and economic growth.
Book Synopsis Does the Stability and Growth Pact Induce a Bias in the EC's Fiscal Forecasts? by : Jasper de Jong
Download or read book Does the Stability and Growth Pact Induce a Bias in the EC's Fiscal Forecasts? written by Jasper de Jong and published by . This book was released on 2014 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal policy under rules and restrictions by : Marcos Poplawski Ribeiro
Download or read book Fiscal policy under rules and restrictions written by Marcos Poplawski Ribeiro and published by Rozenberg Publishers. This book was released on 2008 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
