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Fiscal Policy Coordination in Europe

Author

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  • Calmfors, Lars

    (Institute for International Economic Studies, Stockholm University)

Abstract

A fundamental overhaul of EU economic governance is needed. The most important reform is a strengthening of national fiscal frameworks, including the establishment of independent fiscal watchdogs in Member States that do not yet have such institutions. At the European level, a permanent crisis resolution mechanism should be integrated with both broader macroeconomic surveillance and the sanction system. An independent European fiscal council could, based on macroeconomic risk considerations, decide in advance appropriate haircuts in the event of future sovereign debt restructuring.

Suggested Citation

  • Calmfors, Lars, 2010. "Fiscal Policy Coordination in Europe," Seminar Papers 765, Stockholm University, Institute for International Economic Studies.
    • Handle: RePEc:hhs:iiessp:0765
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    File URL: http://su.diva-portal.org/smash/get/diva2:354734/FULLTEXT03
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    References listed on IDEAS

    as
    1. Assar Lindbeck & Mats Persson, 2013. "A continuous model of income insurance," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 20(6), pages 938-960, December.
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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.
    2. Torój, Andrzej & Bednarek, Elżbieta & Bęza-Bojanowska, Joanna & Osińska, Joanna & Waćko, Katarzyna & Witkowski, Dariusz, 2012. "EMU: the (post-)crisis perspective. Literature survey and implications for the euro-candidates," MF Working Papers 12, Ministry of Finance in Poland, revised 06 Mar 2012.
    3. Hatska Liudmyla, 2017. "Investigation of advantages of outsourcing of independent fiscal institutions in the countries of peripheral capitalism," Technology audit and production reserves, 5(37) 2017, Socionet;Technology audit and production reserves, vol. 5(5(37)), pages 44-49.
    4. Ferré, Montserrat, 2012. "The effects of uncertainty about countries’ compliance with the Stability and Growth Pact," Journal of Policy Modeling, Elsevier, vol. 34(5), pages 660-674.
    5. IANCU, Aurel, 2013. "Extending Financialisation and Increasing Fragility of the Financial System," Working Papers of National Institute for Economic Research 130307, Institutul National de Cercetari Economice (INCE).
    6. Larch, Martin & Van den Noord, Paul & Jonung, Lars, 2010. "The stability and growth pact: lessons from the great recession," MPRA Paper 27900, University Library of Munich, Germany.
    7. Ivan Ilkov, 2014. "Fiscal problems in the Eurozone," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 81-104.

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    More about this item

    Keywords

    EU; economic governance; fiscal policy; macroeconomics;
    All these keywords.

    JEL classification:

    • A00 - General Economics and Teaching - - General - - - General
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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