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Fiscal rules: Timing is everything

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  • Benedicta Marzinotto
  • André Sapir

Abstract

The strengthening of the European Union’s fiscal rules with the approval of the so-called ‘six-pack’, and the parallel worsening of economic conditions in Europe, re-opened the debate about the relationship between fiscal discipline and growth. Influential voices have argued against the EU’s perceived obsession with fiscal discipline, which risks being self-defeating in bad times. However, EU fiscal rules are not as rigid as commonly thought, but represent a sophisticated system of surveillance and ex-post control that provides sufficient room for manoeuvre under exceptional circumstances.

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  • Benedicta Marzinotto & André Sapir, 2012. "Fiscal rules: Timing is everything," Policy Briefs 749, Bruegel.
  • Handle: RePEc:bre:polbrf:749
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    Cited by:

    1. Matthias Bauer, 2013. "Political Aversion To a Multilateral Fiscal Rule: The Dynamic Commitment Problem in European Fiscal Governance," Global Financial Markets Working Paper Series 44-2013, Friedrich-Schiller-University Jena.
    2. Zsolt Darvas, 2012. "The euro crisis: ten roots, but fewer solutions," Policy Contributions 755, Bruegel.

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