EU Economic Governance: Less Might Work Better Than More
Abstract
The European Commission has recently proposed a new package of reforms of the Stability and Growth Pact. The package contains a number of good proposals. In particular, the increased focus on debt ratios is a very positive suggestion though this should be strengthened further. However, some of the other proposals, such as the new principle of prudent fiscal management and the scoreboard for non-fiscal imbalances, are poorly thought out and perhaps unworkable. A smaller number of well-focused proposals may end up working better than this complex, and perhaps overly ambitious, package. And a coherent policy to allow for orderly sovereign defaults in Euro area member states would probably place more pressure, via bond markets, on states to get their fiscal houses in order than would the proposed system of fines.Download Info
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Paper provided by School Of Economics, University College Dublin in its series Working Papers with number 201041.Length: 23 pages
Date of creation: 31 Dec 2010
Date of revision:
Handle: RePEc:ucn:wpaper:201041
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Related research
Keywords:This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-01-16 (All new papers)
- NEP-EEC-2011-01-16 (European Economics)
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As found by EconAcademics.org, the blog aggregator for Economics research:- Fiscal Rules: Stocks, Flows and All That
by Karl Whelan in The Irish Economy on 2011-12-09 14:25:40
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