burden. Introducing an expenditure rule along the lines of the EFB would, however, not necessarily and by itself alleviate …Against the background of the European Commission's reform plans of the Stability and Growth Pact (SGP) this policy … reform options from 2024 onwards. Next to a return to the existing and unreformed rules based on achieving the so …

did not prevent deficits and debt ratios that have threatened the stability of the monetary union in the past and that … fiscal risks and stabilizing output. Finally, the framework does not provide sufficient tools for EU-wide stabilization. This … balances at the national level (including undertaking or endorsing macroeconomic projections and performing DSAs to assess …

budget orthodoxy. The issue at stake is not only of political economy and institutional changes in the EU. It is also of …, the relationships between real interest rates, productivity and growth were not addressed.Albeit with a long recognition …The suspension of the fiscal rules in Europe and the enactment of NGEU provide an opportunity to rethink the inherited …

approach 100% on average. There are various calls to abolish or soften the Maastricht rules of limiting sovereign debt. We see … the risk of a new sovereign debt crisis in this decade if it is not possible to bring public debt down to an acceptable … level. Our new fiscal rule would be suitable and appropriate for this purpose, because obviously the Maastricht criteria …

This paper examines the question whether joining EMU or the breach of the Stability and Growth Pact in 2003 had an … having joined EMU or after having breached the Pact in 2003. These results can be explained with the fact that the Pact was … undermined from its beginning and only had a limited disciplining effect henceforth. Otherwise the breakout of the ongoing debt …

From a retrospective perspective, effective future fiscal cooperation in Europe is not likely to stand a chance …. Focusing on the Stability and Growth Pact (SGP, the Pact), this paper studies the determinants of national policymakers … sheds light on the economic and political economy factors that contribute to national policymakers' aversion to a …

area is that it did not even follow moderate mainstream proposals but instead seemed to rely on radical and outdated … theoretical or purely ideological foundations. Germany as the most economically and politically influential member state of the …The Euro area is currently going through its worst period of recession and economic stagnation since the Great …

at fiscal policy making since the mid-1990s. It examines a number of elements which are generally overlooked or not … difference between policy intentions, as formulated or perceived in real time, and actual outturns, and possible reasons for the …It is often argued that fiscal stabilisation in the euro area compares unfavourably with the US, not least because of …

people that have not yet been born or immigrated into the country. It is thus in principle desirable to design budget rules … Stability and Growth Pact. In the model we consider, residents of a given country discount future costs and benefits of …-term benefits. However, given the low rates of population growth, mortality, and mobility across European countries, we find that …

without ECP guarantees: either the country does not need the guarantee any longer, or it is willing to default. In the latter …Current developments in Greece make clear that the rules of the European Stability and Growth Pact (SGP) were neither … strict enough nor enforced strictly enough. To deal with the ongoing fiscal exit and its related phenomena of crisis, we …