Playing by the Rules: Reforming Fiscal Governance in Europe

51 Pages Posted: 14 Apr 2015

See all articles by Luc Eyraud

Luc Eyraud

International Monetary Fund (IMF)

Tao Wu

International Monetary Fund (IMF)

Date Written: March 2015

Abstract

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.

Keywords: Fiscal policy, European Economic and Monetary Union, Public debt, Fiscal rules, Fiscal reforms, Debt sustainability, governance, states, enforcement, member states, expenditure, councils, government, governments, federations

JEL Classification: E62, H60, H77

Suggested Citation

Eyraud, Luc and Wu, Tao, Playing by the Rules: Reforming Fiscal Governance in Europe (March 2015). IMF Working Paper No. 15/67. Available at SSRN: https://ssrn.com/abstract=2594151

Luc Eyraud (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Tao Wu

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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