Buti, Marco; Noord, Paul van den - Directorate-General Economic and Financial Affairs, … - 2004
The fiscal philosophy of EMU's budgetary rules is to bring deficits close to balance and then let automatic stabilisers … play freely. Given the large tax and benefit systems in Europe, relying mainly on automatic stabilisation would allow a … circumstances, good economic policy, it is evidently not regarded as good politics. The current difficulties of EMU's fiscal policy …