Playing by the Rules: Reforming Fiscal Governance in Europe
51 Pages Posted: 14 Apr 2015
Date Written: March 2015
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: Suggested Citation