Reforming Fiscal Governance in the European Union

Reforming Fiscal Governance in the European Union
Author: Michal Andrle
Publisher: International Monetary Fund
Total Pages: 28
Release: 2015-05-21
Genre: Business & Economics
ISBN: 1513510029

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.

Reforming Fiscal Governance in the European Union

Reforming Fiscal Governance in the European Union
Author: Michal Andrle
Publisher: International Monetary Fund
Total Pages: 28
Release: 2015-05-21
Genre: Business & Economics
ISBN: 1498338283

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.

How to Fix the Euro

How to Fix the Euro
Author: Stephen Pickford
Publisher: Chatham House
Total Pages: 56
Release: 2015-01-31
Genre: Business & Economics
ISBN: 9781784130138

The global economic and financial crisis that started in 2007 exposed serious flaws in the euro's original design. This report examines why Europe's economic and monetary union was so badly affected by the crisis, and assesses whether further changes need to be made to the structure of economic governance that underpins it. A Chatham House, Elcano and AREL Report

Fiscal Governance in Europe

Fiscal Governance in Europe
Author: Mark Hallerberg
Publisher: Cambridge University Press
Total Pages: 247
Release: 2009-03-16
Genre: Business & Economics
ISBN: 0521857465

Based on data from European Union countries, this book presents a theoretical framework to discuss how governments coordinate budgeting decisions.

Policy Instruments for Sound Fiscal Policies

Policy Instruments for Sound Fiscal Policies
Author: J. Ayuso-i-Casals
Publisher: Springer
Total Pages: 367
Release: 2009-08-14
Genre: Business & Economics
ISBN: 0230271790

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.

A Historical Public Debt Database

A Historical Public Debt Database
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 27
Release: 2010-11-01
Genre: Business & Economics
ISBN: 1455209457

This paper describes the compilation of the first truly comprehensive database on gross government debt-to-GDP ratios, covering nearly the entire IMF membership (174 countries) and spanning an exceptionally long time period. The database was constructed by bringing together a number of other datasets and information from original sources. For the most recent years, the data are linked to the IMF World Economic Outlook (WEO) database to facilitate regular updates. The paper discusses the evolution of debt-to-GDP ratios across country groups for several decades, episodes of debt spikes and reversals, and a pattern of negative correlation between debt and growth.

Reforming Fiscal Governance in the European Union

Reforming Fiscal Governance in the European Union
Author:
Publisher:
Total Pages: 28
Release: 2015
Genre: Fiscal policy
ISBN: 9781513585864

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.

Fiscal Policy in the European Union

Fiscal Policy in the European Union
Author: Jesus Ferreiro
Publisher: Palgrave MacMillan
Total Pages: 248
Release: 2008-11-27
Genre: Business & Economics
ISBN:

"This book offers a comprehensive analysis of current national fiscal policies in the European Union and European Monetary Union, and provides insights into the consequences of these fiscal policies on economic activity. With contributions from a range of experts, the book focuses on the coordination problems between the single monetary policy and national fiscal policies, and the negative impact on the capacity of fiscal policy to correct short-term economic fluctuations and to accelerate economic growth in the long-term in European economies. This book is an essential read for all interested in the role of fiscal policy in the European Union."--BOOK JACKET.

Independent Fiscal Councils: Recent Trends and Performance

Independent Fiscal Councils: Recent Trends and Performance
Author: Mr.Roel M. W. J. Beetsma
Publisher: International Monetary Fund
Total Pages: 28
Release: 2018-03-23
Genre: Business & Economics
ISBN: 1484348281

Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical policies. Since fiscal councils are often recent and heterogeneous across countries, assessing their impact is challenging. Using the latest (2016) vintage of the IMF Fiscal Council Dataset, we focus on two tasks expected to strengthen fiscal performance: the preparation or assessment of forecasts, and the monitoring of compliance with fiscal rules. Tentative econometric evidence suggests that the presence of a fiscal council is associated with more accurate and less optimistic fiscal forecasts, as well as greater compliance with fiscal rules.

Financial Crisis Management and Democracy

Financial Crisis Management and Democracy
Author: Bettina De Souza Guilherme
Publisher: Springer Nature
Total Pages: 372
Release: 2020-12-09
Genre: Business & Economics
ISBN: 3030548953

This open access book discusses financial crisis management and policy in Europe and Latin America, with a special focus on equity and democracy. Based on a three-year research project by the Jean Monnet Network, this volume takes an interdisciplinary, comparative approach, analyzing both the role and impact of the EU and regional organizations in Latin America on crisis management as well as the consequences of crisis on the process of European integration and on Latin America’s regionalism. The book begins with a theoretical introduction, exploring the effects of the paradigm change on economic policies in Europe and in Latin America and analyzing key systemic aspects of the unsustainability of the present economic system explaining the global crises and their interconnections. The following chapters are divided into sections. The second section explores aspects of regional governance and how the economic and financial crises were managed on a macro level in Europe and Latin America. The third and fourth sections use case studies to drill down to the impact of the crises at the national and regional levels, including the emergence of political polarization and rise in populism in both areas. The last section presents proposals for reform, including the transition from finance capitalism to a sustainable real capitalism in both regions and at the inter-regional level of EU-LAC relations.The volume concludes with an epilogue on financial crises, regionalism, and domestic adjustment by Loukas Tsoukalis, President of the Hellenic Foundation for European and Foreign Policy (ELIAMEP). Written by an international network of academics, practitioners and policy advisors, this volume will be of interest to researchers and students interested in macroeconomics, comparative regionalism, democracy, and financial crisis management as well as politicians, policy advisors, and members of national and regional organizations in the EU and Latin America.