Playing by the Rules: Reforming Fiscal Governance in Europe

March 24, 2015

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

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. 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.

Subject: Fiscal governance, Fiscal policy, Fiscal rules, Fiscal stance, Public debt

Keywords: central government, debt ceiling, debt increase, debt level, debt ratio, debt rule, deficit rule, EMU, euro area country, Europe, federal government, Fiscal governance, Fiscal Policy, Fiscal Rules, Fiscal stance, government ability, interest rate, member country, output gap data, output gap measurement error, potential GDP, WP

Pages:
50
Volume:
2015
DOI:
https://doi.org/10.5089/9781484300282.001
Issue:
067
Series:
Working Paper No. 2015/067
Stock No:
WPIEA2015067
ISBN:
9781484300282
ISSN:
1018-5941

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