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National Fiscal Frameworks during COVID-19: Weathering the Storm, Challenges Ahead

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  • Christian Weise

Abstract

The COVID-19 pandemic brought severe challenges to fiscal policy and constituted an important test for the changes in national fiscal frameworks and institutions that were introduced after the Great Recession. Based mainly on information from the European Commission Fiscal Governance Database, this paper explains the strengthening of national frameworks since 2011 and shows that the reformed systems worked well during the pandemic. Nevertheless, some problems, like insufficient medium-term approaches to budgeting and sometimes not-yet-strong-enough independent fiscal institutions, persist. Addressing these problems has become even more pressing post-COVID as strong priority-setting for the green and digital transition is required and necessary increases in the quality of public finances demand an improved national debate on fiscal policy.

Suggested Citation

  • Christian Weise, 2023. "National Fiscal Frameworks during COVID-19: Weathering the Storm, Challenges Ahead," European Economy - Discussion Papers 184, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    • Handle: RePEc:euf:dispap:184
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    More about this item

    JEL classification:

    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems

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