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Beyond the austerity dispute: new priorities for fiscal policy

Listed author(s):
  • Luca Agnello

    ()

    (Universita' degli studi di Palermo)

  • Nikola Altiparmakov

    ()

    (Fiscal council republic of Serbia)

  • Michal Andrle

    ()

    (IMF)

  • Maria Grazia Attinasi

    ()

    (ECB)

  • Jan Babecký

    ()

    (Czech National Bank)

  • Salvador Barrios

    ()

    (European Commission)

  • John Bluedorn

    ()

    (IFM)

  • Vladimir Borgy

    ()

    (Banque de France)

  • Othman Bouabdallah

    ()

    (ECB)

  • Andries Brandsma

    ()

    (European Commission)

  • Adi Brender

    ()

    (Bank of Ireland)

  • Vítor Castro

    ()

    (Universidade de Coimbra)

  • Cristina Checherita-Westphal

    ()

    (ECB)

  • Jerome Creel

    ()

    (Paris Institute of Political Studies)

  • Jasper De Jong

    ()

    (DNB)

  • Luiz de Mello

    ()

    (OECD)

  • Francesco Di Comite

    ()

    (European Commission)

  • Olga Diukanova

    ()

    (European Commission)

  • Luc Eyraud

    ()

    (IMF)

  • Serena Fatica

    ()

    (European Commission)

  • Marien Ferdinandusse

    ()

    (ECB)

  • Davide Fiaschi

    ()

    (Universita' di Pisa)

  • Maura Francese

    ()

    (IMF)

  • Maximilian Freier

    ()

    (ECB)

  • Josip Funda

    ()

    (Hrvatska Narodna Banka)

  • Davide Furceri

    ()

  • Paul Hubert

    ()

    (Science PO)

  • Anna Iara

    ()

    (European Commission)

  • Joao Jalles

    ()

    (IMF)

  • Tidiane Kinda

    ()

    (IMF)

  • Gabor P.Kiss

    ()

    (Magyar Nemzeti Bank)

  • ya Koeva-Brooks

    ()

    (IMF)

  • Martin Larch

    ()

    (European Commission)

  • Jesús López Rodríguez

    ()

    (European Commission)

  • Prakash Loungani

    ()

    (IMF)

  • d'Artis Kancs

    ()

    (European Commission)

  • Sandro Momigliano

    ()

    (Bank of Italy)

  • Carlos Mulas-Granados

    ()

  • Ludovit Odor

    ()

  • George Palaiodimos

    ()

    (Bank of Greece)

  • Lucio Pench

    ()

  • Damiaan Persyn

    ()

    (University of Leuven)

  • Álvaro Pina

    ()

    (OECD)

  • Lesley Potters

    ()

    (European Commission)

  • Doris Prammer

    ()

    (OENB)

  • Jonathan Pycroft

    ()

    (European Commission)

  • Ernesto Rezk

    ()

    (Universidad Nacional de Córdoba)

  • Marzia Romanelli

    ()

    (Bank of Italy)

  • Fabrizio Saccomanni

    ()

  • Francesco Saraceno

    ()

    (Sciences PO)

  • Gerd Schwartz

    ()

    (IMF)

  • Ricardo Sousa

    ()

    (Universidade do Minho)

  • Martino Tasso

    ()

    (Bank of Italy)

  • Teresa Ter-Minassian

    ()

    (IMF)

  • Pietro Tommasino

    ()

    (Bank of Italy)

  • Anke Weber

    ()

    (IMF)

  • Jochen Zimmer

    ()

    (Bundesbank)

The workshop aimed at moving forward the fiscal policy debate, which in the crisis years was unavoidably focused on how to regain fiscal credibility and to implement sizable and fast consolidation plans. Four main themes have been proposed for the debate during the workshop. First, the two-way link between fiscal consolidation and inequality, with the idea that consolidation efforts cannot be successful in the long run if they entail a socially unsustainable increase in inequality. Second, the importance of preserving, even in contexts in which the fiscal policy stance is necessarily restrictive, growth-enhancing public investments. Third, the challenges posed to fiscal management by a low inflation context, taking into account that a subdued price dynamics not only makes the real burden of debt heavier, but it also has subtle effects, at least in the short term, on several budgetary items. Finally, the need for a simpler and more appropriate set of rules for the governance of the EMU. The latter topic was also the object of the high-level panel at the end of the workshop. While differences in emphasis emerged among the panellists, they agreed that the current framework could be streamlined, and – more importantly – that no set of rules can work if trust and a sense of sharing a common objective is not rebuilt among the Member States.

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File URL: http://www.bancaditalia.it/pubblicazioni/collana-seminari-convegni/2016-0020/Beyond_the_Austerity_Dispute_-_New_Priorities_for_Fiscal_Policy.pdf
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Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Workshop and Conferences with number 20.

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Date of creation: Mar 2016
Handle: RePEc:bdi:workpa:sec_20
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