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Fiscal and Other Rules in EU Economic Governance: Helpful, Largely Irrelevant or Unenforceable?

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  • Iain Begg

Abstract

EU Member States, particularly in the Euro Area, have been pushed to adopt more extensive and intrusive fiscal rules, but what is the evidence that the rules are succeeding? The EU level Stability and Growth Pact (SGP) has been – and remains – the most visible rule-book, but it has been complemented by a profusion of national rules and by new provisions on other sources of macroeconomic imbalance. Much of the analysis of rules has concentrated on their technical merits, but tends to neglect the political economy of compliance. This paper examines the latter, looking at compliance with fiscal rules at EU and Member State levels and at the rules-based mechanisms for curbing other macroeconomic imbalances. It concludes that politically driven implementation and enforcement shortcomings have been given too little attention, putting at risk the integrity and effectiveness of the rules.

Suggested Citation

  • Iain Begg, 2017. "Fiscal and Other Rules in EU Economic Governance: Helpful, Largely Irrelevant or Unenforceable?," National Institute Economic Review, National Institute of Economic and Social Research, vol. 239(1), pages 3-13, February.
    • Handle: RePEc:sae:niesru:v:239:y:2017:i:1:p:r3-r13
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    Cited by:

    1. repec:ces:ifofor:v:19:y:2018:i:1:p:03-09 is not listed on IDEAS
    2. Iain Begg, 2018. "Innovative Directions for EU Cohesion Policy after 2020," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 19(01), pages 03-09, March.

    More about this item

    Keywords

    Fiscal rules; European economic governance; Macroeconomic imbalances; Political economy of compliance; Fiscal councils in Europe;
    All these keywords.

    JEL classification:

    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts

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