Under numerical fiscal rules, such as those underpinning EMU, governments have strong temptations to use accounting …

It is widely recognised that fiscal policy will have greater responsibilities for cyclical stabilisation in the EMU …, given the loss of the monetary instrument at national level. At the same time, the EMU's budgetary framework emphasises the … stabilisation. Looking ahead, one of the challenges facing policy-makers will be how to design tax and welfare reforms which, while …

Under numerical fiscal rules, such as those underpinning EMU, governments have strong temptations to use accounting … credibility of EMU's fiscal rules. If properly implemented, the reformed Pact, which stresses durable adjustment and long …

sides of Musgrave’s triangle - allocative efficiency, redistribution and cyclical stabilisation - seemed to reinforce one … another. EMU's fiscal rules - embodied in the Maastricht Treaty and the Stability and Growth Pact - can be regarded as the …

would be problematic in EMU given the loss of national monetary autonomy. This paper argues that the alleged trade …-off between efficiency/flexibility and stabilisation depends on the typology of shocks affecting the economy. …

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 …

-area economy adapts to the new EMU environment, the medium-term targets will need to be re-addressed. …

Under numerical fiscal rules, such as those underpinning EMU, governments have strong temptations to use accounting … credibility of EMU’s fiscal rules. If properly implemented, the reformed Pact, which stresses durable adjustment and long …