{
  "title": "Playing by the Rules: Reforming Fiscal Governance in Europe",
  "publication": "IMF Working Papers, March 24, 2015",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Overview and Purpose",
      "content": "- Contributes to discussions on fiscal governance in Europe.\n- Takes stock of recent reforms, identifies areas for further progress, and discusses a menu of policy options for the medium-term.\n- 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."
    },
    {
      "heading": "Major Findings (by theme)",
      "content": "- Growing complexity of the European framework\n  - The European fiscal framework has become increasingly complex, creating challenges for clarity and implementation.\n  - The paper discusses ways to simplify the framework to improve usability and transparency.\n\n- Measurement and implementation of structural stance indicators\n  - There are difficulties to measure and implement structural stance indicators.\n  - Measurement challenges include reliance on output gap data and potential GDP estimates, and exposure to output gap measurement error.\n\n- Reconciling fiscal sustainability and growth\n  - Balancing fiscal sustainability and growth objectives is a central challenge addressed in the paper.\n  - The paper explores policy options aimed at aligning debt and deficit rules with growth-enhancing considerations.\n\n- Coordination in monitoring\n  - There is a need to enhance coordination in the area of monitoring across member countries and institutions.\n  - Improved monitoring coordination is presented as important for consistent application of rules and early detection of risks.\n\n- Obstacles to compliance and enforcement\n  - The paper identifies obstacles to compliance with European fiscal rules.\n  - Proposals to strengthen enforcement are discussed as a means to improve adherence to rules."
    },
    {
      "heading": "Policy Options and Recommendations",
      "content": "- Presents a menu of policy options for the medium-term focused on:\n  - Simplifying the European fiscal framework.\n  - Improving measurement and implementation of structural fiscal stance indicators.\n  - Reconciling fiscal sustainability requirements with growth priorities.\n  - Enhancing coordination of monitoring across jurisdictions.\n  - Strengthening enforcement mechanisms to address obstacles to compliance.\n\n---\n\n Content in this bundle\n\n- Wp1567\n  - Wp1567 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp1567 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/playing-by-the-rules-reforming-fiscal-governance-in-europe-42804"
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    "Authors: Luc Eyraud, Tao Wu",
    "Published: March 24, 2015",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484300282.001",
    "Contributes to discussions on fiscal governance in Europe.",
    "Takes stock of recent reforms, identifies areas for further progress, and discusses a menu of policy options for the medium-term.",
    "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.",
    "Growing complexity of the European framework",
    "Measurement and implementation of structural stance indicators",
    "Reconciling fiscal sustainability and growth",
    "Coordination in monitoring",
    "Obstacles to compliance and enforcement",
    "Presents a menu of policy options for the medium-term focused on:",
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