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Un conseil de stabilité pour assurer la soutenabilité budgétaire en UEM

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  • Jürgen von Hagen

Abstract

[fre] Cet article passe d’abord en revue les développements institutionnels ayant marqué le cadre budgétaire européen depuis le début des années 1990, en insistant sur les épisodes durant lesquels ce cadre a été remis en question par les pays membres de l’Union monétaire européenne. Il interroge ensuite le lien entre discipline budgétaire et croissance, mettant en évidence les stratégies les plus efficaces pour réduire le fardeau de la dette. Deux stratégies d ’ ajustement budgétaire sont alors comparées , les pays à faible croissance s’appuyant sur le ralentissement de l’augmentation de la dette publique, alors que les pays à forte croissance tiraient parti de celle-ci pour réduire la dette. L’efficacité de la seconde stratégie est soulignée. La dernière partie de l’article tire les conséquences de ces résultats : le cadre budgétaire doit moins mettre l’accent sur les flux budgétaires à court terme et il faut améliorer les procédures de surveillance et de contrôle. La mise en place d’un Conseil de stabilité pour l’UEM est proposée et ses mandats, degrés de transparence, mise en place et modalités d’action sont détaillés. [eng] This study begins with a survey of institutional developments in the European fiscal framework since the early 1990s, with an emphasis on episodes involving challenges to the framework by EMU Member States. After examining the link between growth and fiscal discipline, the author outlines the most efficient strategies to reduce the debt burden. There are two contrasting approaches : low-growth countries relied mostly on the slow growth of their public debt, whereas high-growth countries used their robust growth to reduce public debt. The effectiveness of the second strategy is underlined. Drawing on these results , the final section argues that the fiscal framework should focus less on short-term budget flows, and that monitoring and control procedures should be improved. The author proposes the creation of a Stability Council for fiscal discipline in EMU, describing its mandate, transparency requirements, implementation, and operating procedures.

Suggested Citation

  • Jürgen von Hagen, 2006. "Un conseil de stabilité pour assurer la soutenabilité budgétaire en UEM," Économie et Prévision, Programme National Persée, vol. 173(2), pages 7-25.
    • Handle: RePEc:prs:ecoprv:ecop_0249-4744_2006_num_173_2_7936
    DOI: 10.3406/ecop.2006.7936
    Note: DOI:10.3406/ecop.2006.7936
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