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Author/Editor:
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Michal Andrle ; John C Bluedorn ; Luc Eyraud ; Tidiane Kinda ; Petya Koeva Brooks ; Gerd Schwartz ; Anke Weber
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Publication Date:
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May 21, 2015
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Electronic Access:
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Free Full text
(PDF file size is 1,252KB).
Use the free
Adobe Acrobat Reader
to view this PDF file
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Summary:
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.
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Order a print copy
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Series:
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Staff Discussion Notes No. 15/9
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Subject(s):
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Fiscal reforms | Euro Area | European Economic and Monetary Union | Fiscal rules | Fiscal policy
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English
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Publication Date:
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May 21, 2015
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ISBN/ISSN:
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9781498338288/2221-030X
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Format:
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Paper
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Stock No:
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SDNEA201509
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Pages:
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28
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Price:
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Please address any questions about this title to
publications@imf.org
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