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Fiscal Policy

Author

Listed:
  • Anton Mangov
  • Allen Monks
  • Gilles Mourre
  • Henk Van Noten

Abstract

The EU first established common fiscal rules in 1993, with the entry into force of the Maastricht Treaty. The operational details of these rules were subsequently formalised in 1997 with the adoption of the Stability and Growth Pact. Since then, the rules have evolved along a number of dimensions, not least with the adoption of the Six-pack and Two-pack reforms in the early years of the current decade. More recently, innovations have mainly come about through the interpretation of underlying legal texts, with the Commission placing an emphasis on making use of available flexibility in the rules. In the context of these changes, this section looks at fiscal developments in the EU over the last twenty years, with a focus on the most recent developments and the current fiscal positions of Member States. Some lessons are drawn from the experience of implementing the fiscal rules.

Suggested Citation

  • Anton Mangov & Allen Monks & Gilles Mourre & Henk Van Noten, 2019. "Fiscal Policy," Quarterly Report on the Euro Area (QREA), Directorate General Economic and Financial Affairs (DG ECFIN), European Commission, vol. 18(2), pages 25-41, November.
    • Handle: RePEc:euf:qreuro:0182-02
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    File URL: https://economy-finance.ec.europa.eu/system/files/2019-11/ip119_en_chapter_ii.pdf
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    Keywords

    Euro at 20; fiscal surveillance framework;

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