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Wäre die schweizerische "Schuldenbremse" ein geeignetes Instrument zur Disziplinierung der Fiskalpolitik in der EU?

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  • Jochen Hartwig
  • Rita Kobel Rohr

Abstract

The stability and growth pact (SGP) has been criticised even before several EU Member States breached its rules. Countries belonging to a monetary union have an interest in keeping the budgetary behaviour of other Member States under control, since an unsustainable debt accumulation in one country would affect all of them (De Grauwe 2003: 2). However, the question arises whether there are not more appropriate rules than those codified in the SGP. This paper describes the mechanism of the"debt brake" applied in Switzerland, a rule alternative to the SGP aiming at limiting government debt levels. The transfer of a - modified - debt brake to the EU could solve or at least defuse some of the problems associated with the SGP, notably the asymmetry issue and the acknowledged incapability of the pact to adequately account for the current business cycle conditions in the Member States. Der Stabilitäts- und Wachstumspakt (SWP) steht nicht erst in der Kritik, seit immer mehr Länder Schwierigkeiten haben, seine Vorgaben zu erfüllen. Dennoch müssen Länder, die eine Währungsunion bilden, ein Interesse daran haben, ihr Finanzgebaren gegenseitig zu kontrollieren, da die Überschuldung eines Landes auf alle zurückfallen würde (vgl. De Grauwe 2003: 2). Die Frage ist, ob es geeignetere Regelungen gäbe als die im SWP kodifizierten. Dieser Beitrag beschreibt den Mechanismus der schweizerischen "Schuldenbremse", die eine alternative Regel zur Schuldenbegrenzung darstellt. Die Übertragung dieses Mechanismus auf die EU - wenn auch in modifizierter Form - könnte bestimmte Probleme, die bei der Handhabung des SWP aufgetreten sind - wie insbesondere die asymmetrische Ausgestaltung sowie mangelnde Konjunkturgerechtigkeit -, lösen bzw. entschärfen.

Suggested Citation

  • Jochen Hartwig & Rita Kobel Rohr, 2004. "Wäre die schweizerische "Schuldenbremse" ein geeignetes Instrument zur Disziplinierung der Fiskalpolitik in der EU?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 73(3), pages 481-490.
    • Handle: RePEc:diw:diwvjh:73-30-13
    DOI: 10.3790/vjh.73.3.481
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    1. Buti, Marco, 2003. "Revisiting the stability and growth pact: grand design or internal adjustment?," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 34908, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Marco Buti & Sylvester Eijffinger & Daniele Franco, 2003. "Revisiting the Stability and Growth Pact: grand design or internal adjustment?," European Economy - Economic Papers 2008 - 2015 180, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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    1. Michele Salvi & Christoph A. Schaltegger & Lukas Schmid, 2020. "Fiscal Rules Cause Lower Debt: Evidence from Switzerland’s Federal Debt Containment Rule," Kyklos, Wiley Blackwell, vol. 73(4), pages 605-642, November.

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