Starting from a brief assessment of the present rules-based framework in this respect, this piece stresses that the possible addition of a common stabilisation capacity has to be considered in deep connection with (possibly revised) fiscal rules.

This paper introduces a simple rule for appraising the economic soundness of fiscal policies. It connects fiscal policy to a long-run debt objective, taken as an anchor, while arbitraging symmetrically between this debt objective and output stabilisation. The rule offers a benchmark to assess...

This paper presents an indicator of the fiscal stance that combines features of the bottom-up, narrative approach on the revenue side with a refined version of the top-down, traditional approach of the structural balance on the expenditure side. With these characteristics the indicator offers an...

This paper explores whether collective insurance schemes of various kinds could improve the degree of cyclical income stabilisation and the operation of fiscal stabilisers in the European Economic and Monetary Union (EMU). We review the potential issues, the underlying trade-offs and the...

Le ralentissement des gains de productivité par tête observé depuis la fin des années 80 en Europe, et notamment en France, est susceptible de plusieurs types d'interprétations. Il pourrait refléter un tassement des gains de la productivité globale des facteurs, une substitution des...

Enrichissement de la croissance en emploi et productivité, by Nicolas Carnot and Alain QuinetThe decline in labour productivity gains since the late 80s in Europe, especially in France, may have several origins. It may reflect a slowdown in the rate of technical progress, the incidence of work...