Fiscal surveillance was developed as a supranational regulatory process to counteract short-termism and deficit biases in government decision-making. With effective monetary policy to stabilize the economy, restraint on the fiscal discretion of national governments was seen as the key to...

Fiscal surveillance was developed as a supranational regulatory process to counteract short-termism and deficit biases in government decision-making. With effective monetary policy to stabilize the economy, restraint on the fiscal discretion of national governments was seen as the key to...

The Lisbon Strategy supports reform of Member States' tax-benefit systems while the 'fiscal philosophy' of the EMU postulates that governments should allow only automatic stabilizers, built into tax-benefit systems, to smooth aggregate income. We ask whether these two pillars of EU economic...