In a recent VoxEU column, Beetsma et al (2011) highlight “Europe’s fiscal policy credibility problem”. They show how fiscal plans get steadily worse as governments move from planning to implementation, even in the case of estimated outcomes published towards the end of the year being forecast.
Fiscal data revisions in Europe and the credibility of fiscal policies
Francisco de Castro, Javier J. Pérez, Marta Rodríguez, 12 November 2011
What constitutional fiscal rule for members of the EU?
Edoardo Campanella, 20 February 2011
At the last European Council meeting, Angela Merkel and Nicolas Sarkozy called on their Eurozone counterparts to sign up to a new pact for closer economic coordination. European countries are invited to improve their international competitiveness and to curb their burgeoning public debts through the introduction of a constitutional fiscal rule.
Germany’s new fiscal rule: A responsible approach to fiscal sustainability
Ashoka Mody, Sven Jari Stehn, 11 August 2009
On 12 June 2009 the German parliament amended the constitution to include a new fiscal rule for both federal and state governments. The rule, conceived in 2006 as a mechanism to impose fiscal discipline, requires the federal government’s structural deficit – the deficit adjusted for the influence of the economic cycle and one-off operations – not to exceed 0.35% of GDP.
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CEPR Policy Research
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- The economic crisis: How to stimulate economies without increasing public debtWood
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