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Fiscal Frameworks In The European Union
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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 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 Thou Shalt Not Breach: The Impact on Sovereign Spreads of Noncomplying with the EU Fiscal Rules by : Federico Diaz Kalan
Download or read book Thou Shalt Not Breach: The Impact on Sovereign Spreads of Noncomplying with the EU Fiscal Rules written by Federico Diaz Kalan and published by International Monetary Fund. This book was released on 2018-04-13 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is evidence that fiscal rules, in particular well-designed rules, are associated with lower sovereign spreads. However, the impact of noncompliance with fiscal rules on spreads has not been examined in the literature. This paper estimates the effect of the Excessive Deficit Procedure (EDP) on sovereign spreads of European Union member states. Based on a sample including the 28 European Union countries over the period 1999 to 2016, sovereign spreads of countries placed under an EDP are found to be on average higher compared to countries that are not under an EDP. The interpretation of this result is not straight-forward as different channels may be at play, in particular those related with the credibility and the design of the EU fiscal framework. The specification accounts for typical macroeconomic, fiscal, and financial determinants of sovereign spreads, the System Generalized Method of Moments estimator is used to control for endogeneity, and results are robust to a range of checks on variables and estimators.
Book Synopsis Designing a European Fiscal Union by : Mr.Carlo Cottarelli
Download or read book Designing a European Fiscal Union written by Mr.Carlo Cottarelli and published by International Monetary Fund. This book was released on 2014-12-05 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements are used to coordinate fiscal policy between the federal and subnational levels? What are the links between federal and subnational debt, and how have subnational financing crises been handled, when they occurred? These policy questions are critical in many federations, and central to the current discussions about future paths for the European Union. This book brings to the table new, practical insights through a systematic and comprehensive comparison of the EU fiscal framework with that of federal states. It also departs from the decentralization perspective that has been prominent in the literature by focusing on the role of the centre (which responsibilities are centralized at the federal level and how they are handled, rather than which functions belong to the local level). Such an approach is particularly relevant for the European Union, where a fiscal union would imply granting new powers to the centre.
Book Synopsis Reforming the EU Fiscal Framework by : Mr. Nathaniel G Arnold
Download or read book Reforming the EU Fiscal Framework written by Mr. Nathaniel G Arnold and published by International Monetary Fund. This book was released on 2022-09-05 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EU’s fiscal framework needs reform. While existing fiscal rules have had some impact in constraining deficits, they did not prevent deficits and debt ratios that have threatened the stability of the monetary union in the past and that continue to create vulnerabilities today. The framework also has a poor track record at managing trade-offs between containing fiscal risks and stabilizing output. Finally, the framework does not provide sufficient tools for EU-wide stabilization. This was most visible during the decade following the euro area sovereign debt crisis, when structurally low real interest rates stretched the policy tools of the European Central Bank (ECB), leading to a persistent undershooting of its inflation target. This paper proposes a new framework based on risk-based EU-level fiscal rules, strengthened national institutions, and a central fiscal capacity. First, risk-based EU-level fiscal rules would link the speed and ambition of fiscal consolidation to the level and horizon of fiscal risks, as identified by debt sustainability analysis (DSA) using a common methodology developed by a new and independent European Fiscal Council (EFC). The 3 percent deficit and 60 percent debt reference values would remain. Second, all member countries would be required to enact medium-term fiscal frameworks consistent with the EU-level rules—that is, to ensure convergence over the medium-term to an overall fiscal balance anchor by setting expenditure ceilings. Independent national fiscal councils (NFCs) would have a much stronger role to strengthen checks and balances at the national level (including undertaking or endorsing macroeconomic projections and performing DSAs to assess fiscal risks). The European Commission (EC) would continue to play its key surveil¬lance role as articulated in the Maastricht Treaty and the EFC would be the center of a peer network of fiscal councils. Third, building on the recent experience with the NextGenerationEU (NGEU), an EU fiscal capacity (FCEU) would improve euro area macroeconomic stabilization and allow the provision of common EU public goods—a task that has become more urgent given the green transition and common security concerns. Central to the proposal is a mutually reinforcing relationship between EU rules and national-level imple¬mentation. Strengthening implementation requires both better national ownership of the rules and their application and greater congruence of national-level frameworks with EU-level rules. The former can only be achieved by rules that convincingly balance the needs of members with the avoidance of negative externali¬ties across members. This argues for a risk-based approach—the first pillar of our proposal. The latter requires a stronger role for significantly upgraded national level frameworks—the second pillar of our proposal.
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 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: ""Fiscal policy making in the European Union is a national prerogative that is carried out and co-ordinated within the remits of the Stability and Growth Pact (SGP). The SGP Member States have agreed upon a rules-based framework which, abstracting from operational details, aims to ensure long-term sustainability of public finances while allowing for short-term fiscal stabilization. The success of the EU fiscal framework depends to a large extent on the effectiveness and accuracy of the tool-kit of indicators and methods used at the EU level to monitor and assess the fiscal performance of the Member States vis-a-vis the requirements of the SGP. The contributions to this volume examine key aspects of the measurement of fiscal policy making in the context of the EU fiscal surveillance framework. They highlight strengths and weaknesses of current assessment practice, including innovations implied by the 2005 revision of the SGP." "--Jacket.
Book Synopsis Fiscal Frameworks in the European Union by :
Download or read book Fiscal Frameworks in the European Union written by and published by . This book was released on 2012 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: Gobernanza fiscal en Grecia, Irlanda, Portugal, Chipre y Letonia.
Book Synopsis Reforming Fiscal Governance in the European Union by :
Download or read book Reforming Fiscal Governance in the European Union written by and published by . This book was released on 2015 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 Fiscal Governance in Europe by : Mark Hallerberg
Download or read book Fiscal Governance in Europe written by Mark Hallerberg and published by Cambridge University Press. This book was released on 2009-03-16 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on data from European Union countries, this book presents a theoretical framework to discuss how governments coordinate budgeting decisions.
Book Synopsis Public Investment and the EU Fiscal Framework by : Alessandro Turrini
Download or read book Public Investment and the EU Fiscal Framework written by Alessandro Turrini and published by . This book was released on 2004 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Designing a European Fiscal Union by : Carlo Cottarelli
Download or read book Designing a European Fiscal Union written by Carlo Cottarelli and published by Routledge. This book was released on 2014-11-13 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements are used to coordinate fiscal policy between the federal and subnational levels? What are the links between federal and subnational debt, and how have subnational financing crises been handled, when they occurred? These policy questions are critical in many federations, and central to the current discussions about future paths for the European Union. This book brings to the table new, practical insights through a systematic and comprehensive comparison of the EU fiscal framework with that of federal states. It also departs from the decentralization perspective that has been prominent in the literature by focusing on the role of the centre (which responsibilities are centralized at the federal level and how they are handled, rather than which functions belong to the local level). Such an approach is particularly relevant for the European Union, where a fiscal union would imply granting new powers to the centre.
Book Synopsis Republic of Poland by : International Monetary
Download or read book Republic of Poland written by International Monetary and published by International Monetary Fund. This book was released on 2024-06-12 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The stabilizing expenditure rule (SER) in Poland has been instrumental in fostering fiscal discipline in the years leading up to the pandemic. The pandemic and subsequent shocks severely tested the expenditure rule. Returning to the SER limit after severe shocks proved challenging, making clear the needs to revise the SER to preserve its credibility. The government could enhance the credibility of the expenditure rule through broadening its coverage and strengthening compliance, including establishing an independent fiscal council. Moreover, aligning to the EU fiscal framework will require (i) ensuring expenditure limits implied in the SER to be consistent with the EU net expenditure path; and (ii) providing explanation on the differences in expenditure coverage and classification between the SER and the EU fiscal framework to ensure compliance. Over time, transition to binding multi-year limits in the SER would improve linkages between annual budgets and medium-term fiscal planning.
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 Frameworks in the European Union by :
Download or read book Fiscal Frameworks in the European Union written by and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: States' ownership of the EU budgetary framework and ensure that national and EU fiscal governance are consistent with each other. This requires improvement in domestic budgetary frameworks in order to reinforce their instrumental character by promoting compliance with the Treaty's fiscal provisions. In its May 2010 conclusions, the Ecofin Council laid down a two-pronged approach in the field of national fiscal frameworks. Firstly, a set of minimum requirements should be met by national fiscal frameworks, to be consistent with the EU budgetary rules. The Directive on national budgetary frameworks was the final outcome of this process; it outlines fundamental elements of fiscal frameworks, namely accounting, statistics and forecasts, numerical fiscal rules, medium-term budgetary frameworks and transparency. Secondly, supplementing this first pillar, the regular assessment and peer review of domestic fiscal frameworks was envisaged, in order to seek policy advice and evaluate other desirable but non-binding features of domestic fiscal frameworks which could also support the adequate conduct of fiscal policy. The Council invited the Commission and the Economic Policy Committee (EPC) to promote the exchange of best practices, in particular in view of the elements that have proven to be most successful in underpinning fiscal consolidation efforts and contributing to building up sustainable public finances. The peer review process therefore arose from the implementation of the second pillar and emerged for the first time in the course of 2011 (following a pilot session in 2010). The original horizontal peer review was carried out under the aegis of the Economic Policy Committee in two sessions. The first session in May 2011 reviewed the frameworks of 14 Member States (Estonia, Ireland, Greece, Italy, Cyprus, Latvia, Lithuania, Hungary, Malta, Poland, Portugal, Romania, Slovakia and the United Kingdom). The second session covered the (then) remaining 13 Member States in November 2011 (Belgium, Bulgaria, Czech Republic, Denmark, Germany, Spain, France, Luxembourg, Netherlands, Austria, Slovenia, Finland and Sweden). Commission services had contributed to that initial peer review by preparing country factsheets, providing for each Member State a description of the situation of its fiscal framework at the time of the review, an assessment of the framework's performance and detailed information on major components of the fiscal framework, i.e. fiscal rules, independent fiscal institution(s) and medium-term budgetary framework then in force. The review materialised in the EPC endorsement of policy advice outlining key needs for improvement for each Member State's framework. The Commission country fiches and the ensuing policy advice were subsequently published, and this document is the follow-up to that publication.
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 Fiscal Policy in the European Union by : J. Ferreiro
Download or read book Fiscal Policy in the European Union written by J. Ferreiro and published by Springer. This book was released on 2008-11-27 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive analysis of national fiscal policies in the European Union and in the European Monetary Union. Adopting a critical perspective, the book offers a deep insight into the consequences of the current strategy of national fiscal policies on economic activity.
Book Synopsis Reforming the Stability and Growth Pact by : Mr.Michael Deppler
Download or read book Reforming the Stability and Growth Pact written by Mr.Michael Deppler and published by International Monetary Fund. This book was released on 2005-02-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: A rules-based fiscal framework, such as the EU’s Stability and Growth Pact (SGP), can be an important bulwark against short-sighted policies. Although policies have improved following the SGP’s adoption, shortcomings remain. These, however, are rooted in the policies rather than the rules, where few changes seem necessary. Specifically, the Excessive Deficit Procedure needs a stronger focus on policies rather than outcomes, while staying operationally simple and transparent. Furthermore, reforms are needed to foster time-consistent national policies, budgetary transparency, and ownership of the Pact. Accordingly, parliaments should debate national Stability Programs and national fiscal councils should review these programs for parliaments.
