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(How) has EMU affected fiscal policy in Austria?

Author

Listed:
  • Doris Prammer

    (Oesterreichische Nationalbank)

  • Lukas Reiss

    (Oesterreichische Nationalbank, Economic Analysis Division)

Abstract

Since Austria joined the euro area, national budgetary policy has been influenced by EU fiscal rules to a significant extent. Above all, EU fiscal targets were key drivers behind the major consolidation episodes: consolidations either aimed at bringing the headline deficit ratio below 3% of GDP or at moving the structural budget balance closer to the medium-term objective. At the same time, the structure of expenditure and revenue continues to be under full national responsibility. While the revenue structure remained relatively stable over the last 20 years, we observe relatively strong shifts in the expenditure structure towards social transfers in kind.

Suggested Citation

  • Doris Prammer & Lukas Reiss, 2019. "(How) has EMU affected fiscal policy in Austria?," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 19/Q1-Q2, pages 71-84.
    • Handle: RePEc:onb:oenbmp:y:2019:i:19/q1-q2:b:4
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    References listed on IDEAS

    as
    1. Achim Truger, 2013. "Austerity in the euro area: the sad state of economic policy in Germany and the EU," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(2), pages 158-174.
    2. European Commission, 2018. "Taxation trends in the European Union: 2018 edition," Taxation trends 2018, Directorate General Taxation and Customs Union, European Commission.
    3. Gerhard Steger, 2010. "Austria's budget reform: How to create consensus for a decisive change of fiscal rules," OECD Journal on Budgeting, OECD Publishing, vol. 10(1), pages 1-14.
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    More about this item

    Keywords

    fiscal rules; fiscal policy; tax and expenditure structure;
    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
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • H5 - Public Economics - - National Government Expenditures and Related Policies

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