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Budget Institutions for Subnational Fiscal Discipline: Local Fiscal Rules in Post-Crisis EU Countries

In: Local Public Finance

Author

Listed:
  • Gerard Turley

    (National University of Ireland Galway)

  • Christian Raffer

    (German Institute of Urban Affairs)

  • Stephen McNena

    (National University of Ireland Galway)

Abstract

Fiscal rules are institutional constraints on budget policymakers’ decision-making discretion aimed at fostering prudent fiscal policy, promoting overall fiscal discipline, and ensuring long-term fiscal sustainability. Since the European sovereign debt crisis, fiscal rules have been at the centre of the debate on the EU’s economic governance, the need to strengthen fiscal frameworks and improve policy co-ordination. This chapter outlines the origin, purpose, design, and coverage of local fiscal rules in EU countries over a decade after the 2008 financial crash. It presents a review of the empirical evidence on subnational fiscal rules and their impact and effectiveness on fiscal outcomes. The chapter ends with some concluding remarks and lessons drawn from the experience of fiscal rules across both time and space and outlines how policymakers can learn from this international experience.

Suggested Citation

  • Gerard Turley & Christian Raffer & Stephen McNena, 2021. "Budget Institutions for Subnational Fiscal Discipline: Local Fiscal Rules in Post-Crisis EU Countries," Springer Books, in: René Geissler & Gerhard Hammerschmid & Christian Raffer (ed.), Local Public Finance, pages 23-38, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-67466-3_2
    DOI: 10.1007/978-3-030-67466-3_2
    as

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