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Better Fiscal Rules for a More Integrated EMU

Author

Listed:
  • Pierre Jaillet

    (Jacques Delors Institute and Institut)

  • Christian Pfister

    (Science Po)

Abstract

The COVID-19 pandemic and the pressure it has created on member states’ public finances have led European authorities to suspend the EU’s fiscal rules. In fact, these rules had long been criticised by academics and had only been abided by exceptionally. Beyond the rules themselves, the lessons one can draw from the past 20 years also give good reason to revise the EU overall coordination framework.

Suggested Citation

  • Pierre Jaillet & Christian Pfister, 2022. "Better Fiscal Rules for a More Integrated EMU," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 57(6), pages 377-383, November.
    • Handle: RePEc:spr:intere:v:57:y:2022:i:6:d:10.1007_s10272-022-1091-0
    DOI: 10.1007/s10272-022-1091-0
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    References listed on IDEAS

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    1. Charles Wyplosz, 2012. "Fiscal Rules: Theoretical Issues and Historical Experiences," NBER Chapters, in: Fiscal Policy after the Financial Crisis, pages 495-525, National Bureau of Economic Research, Inc.
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    4. Klaus Regling, 2022. "EU Fiscal Rules: A Look Back and the Way Forward," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 57(1), pages 8-10, January.
    5. Markus K. Brunnermeier & Sam Langfield & Marco Pagano & Ricardo Reis & Stijn Van Nieuwerburgh & Dimitri Vayanos, 2017. "ESBies: safety in the tranches," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 32(90), pages 175-219.
    6. Olivier Blanchard & Alvaro Leandro & Jeromin Zettelmeyer, 2021. "Redesigning EU fiscal rules: from rules to standards," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 36(106), pages 195-236.
    7. Christian Pfister & Natacha Valla, 2021. "Financial Stability Is Easier to Green Than Monetary Policy," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 56(3), pages 154-159, May.
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    Cited by:

    1. Julia del Amo Valor & Marcos Martín Mateos & Diego Martínez López & Javier J. Pérez, 2023. "Is the European economic governance framework too “complex”? A critical discussion," Working Papers 2023-06, FEDEA.

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    More about this item

    Keywords

    H60; H62; H63;
    All these keywords.

    JEL classification:

    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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