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La política fiscal aplicada en la Unión Económica Monetaria (1999-2007). Un análisis desde la perspectiva de la recesión actual

Author

Listed:
  • M.ª Jesús Arroyo Fernández

    (Universidad CEU San Pablo)

  • Jorge Uxó González

    (Universidad Complutense de Madrid)

Abstract

The transfer of sovereignty in monetary policy and exchange rate associated with the creation of the Economic and Monetary Union (EMU) provides fiscal and budgetary policy with a more important role as a stabilization policy, and even more taking into account the current financial and economic crisis. The article makes an analysis of public finances within the EMU during the period 1999-2007. It examines the processes of consolidation of public accounts in Europe during the last years, the fiscal margin, with which the various governments have to face the crisis, the sign of this fiscal policy and its relation to the economic cycle, the implementation of the Stability and Growth Pact and the expected influence that the current crisis will have on European public finances in the coming years.

Suggested Citation

  • M.ª Jesús Arroyo Fernández & Jorge Uxó González, 2008. "La política fiscal aplicada en la Unión Económica Monetaria (1999-2007). Un análisis desde la perspectiva de la recesión actual," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 69(03), pages 46-79.
    • Handle: RePEc:ekz:ekonoz:2008305
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    More about this item

    Keywords

    European public finances; anticyclical fiscal policy; Stability and Growth Pact;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions

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