The Greek and Irish crises have highlighted the shortcomings of Economic and Monetary Union, namely that there is no mechanism for preventing and dealing with public debt crises in the euro area (EA). In this context, we analyse the possibility of joint issuance of debt securities by euro area...

The double dividend literature studies the simultaneous pursuit of two objectives: improved quality of the environment through the implementation of an environmental tax (first dividend) and increased social welfare by reducing overall tax distortions (second dividend). This paper investigates...

Fund expenditure by debt or by taxes is it equivalent? Ricardo, formalized and extended by Barro, says that debt is a future tax and agents, conscious of the future, should not consider the use of debt as different of a deferred payment. But the framework of Barro is so special that the result...

The French family policy targets three objectives: ensuring a minimum standard of living for every child, providing families with the same standard of living than people without children, promoting female employment. Although the French family policy has been successful in terms of fertility...

The economic and financial crisis has given way to Keynesian fiscal policy. To avoid a collapse of economic and financial system, all OECD countries have implemented recovery plans. Even if the uncertainty regarding the recovery is high, time is now, in most countries, for the adoption of fiscal...

The rules of the European Stability and Growth Pact (SGP) were neither strict enough nor enforced strictly enough. We propose a new framework for fiscal policy consolidation in Europe. Centre stage takes a European Consolidation Pact (ECP) supplementing the SGP, with five distinguishing...

The 2007-2009 financial crisis was caused by financial markets? greed and instability and led to a strong rise public debts and deficits in advanced economies. Financial markets and international institutions advocate a ?fiscal exit strategy? through rapid cuts in public deficits and debts under...