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Reforming Fiscal Governance in the European Union

2015-05-21 Business & Economics
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Release : 2015-05-21
Genre : Business & Economics
Kind : eBook
Book Rating : 283/5 ( reviews)

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Book Synopsis Reforming Fiscal Governance in the European Union by : Michal Andrle

Download or read book Reforming Fiscal Governance in the European Union written by Michal Andrle. This book was released on 2015-05-21. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Reforming Fiscal Governance in the European Union

2015 Fiscal policy
Download Reforming Fiscal Governance in the European Union PDF Online Free

Author :
Release : 2015
Genre : Fiscal policy
Kind : eBook
Book Rating : 864/5 ( reviews)

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Book Synopsis Reforming Fiscal Governance in the European Union by :

Download or read book Reforming Fiscal Governance in the European Union written by . This book was released on 2015. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Playing by the Rules

2015-03-24 Business & Economics
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Release : 2015-03-24
Genre : Business & Economics
Kind : eBook
Book Rating : 882/5 ( reviews)

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Book Synopsis Playing by the Rules by : Luc Eyraud

Download or read book Playing by the Rules written by Luc Eyraud. This book was released on 2015-03-24. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Building a Better Union

2015-09-11 Business & Economics
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Release : 2015-09-11
Genre : Business & Economics
Kind : eBook
Book Rating : 082/5 ( reviews)

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Book Synopsis Building a Better Union by : Angana Banerji

Download or read book Building a Better Union written by Angana Banerji. This book was released on 2015-09-11. Available in PDF, EPUB and Kindle. Book excerpt: The momentum for structural reforms is waning in the euro area at a time when even faster progress is needed to boost productivity and growth, achieve real economic convergence, and improve the resilience of the monetary union. What can the European Union (EU) institutions do to bridge this divide? This paper argues for greater simplicity, transparency and accountability in the EU governance framework for structural reforms. Our three interrelated proposals—“outcome-based” benchmarking; better use of existing EU processes to strengthen oversight and reduce discretion; and improved financial incentives—could help advance reforms. Ex post monitoring by an independent EU-level “structural council” and ex ante policy innovation by national productivity councils could strengthen accountability and ownership. Deeper governance reforms should be considered in the medium-term with a view toward a greater EU role in promoting convergence.

The Pursuit of Stability of the Euro Area as a Whole

2019-10-14 Law
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Release : 2019-10-14
Genre : Law
Kind : eBook
Book Rating : 454/5 ( reviews)

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Book Synopsis The Pursuit of Stability of the Euro Area as a Whole by : Luca Lionello

Download or read book The Pursuit of Stability of the Euro Area as a Whole written by Luca Lionello. This book was released on 2019-10-14. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the ongoing reform of the European economic union in the light of the new objective of ‘stability of the euro area as a whole’ in Article 136(3) TFEU. On the basis of the relevant legal sources, it qualifies this objective as the obligation to preserve the existence of the monetary union, the establishment of which was an EU goal laid down in Article 3(4) TEU. While to date the objective has been achieved through fiscal and macroeconomic consolidation in the member states and the activation of stabilisation mechanisms in cases of emergency, the book argues that full stability requires a better system of economic governance, either through a process of partial fiscal centralisation or the return to a more efficient and sustainable market discipline of public finances. It also analyses the concrete legal challenges these raise, including compliance with the conferral principle, the longstanding democratic deficit of the governance and the balance between financial solidarity and fiscal responsibility.

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