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Emu Fiscal Rules: is There a Gap?

Author

Listed:
  • Balassone, F.
  • Manacelli, D.

Abstract

The Stability and Growth Pact sets a medium-term target for fiscal policy of a budgetary position "close to balance of in surplus". This addition to the deficit rule defined by the Maastricht Treaty has been interpreted as an attempt to reconcile the objective of sound public finances with the availability of adequate margins for stabilisation.

Suggested Citation

  • Balassone, F. & Manacelli, D., 2000. "Emu Fiscal Rules: is There a Gap?," Papers 375, Banca Italia - Servizio di Studi.
  • Handle: RePEc:fth:banita:375
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    References listed on IDEAS

    as
    1. Lippi, Francesco, 2000. "Median Voter Preferences, Central Bank Independence and Conservatism," Public Choice, Springer, vol. 105(3-4), pages 323-338, December.
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    Citations

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    Cited by:

    1. Balassone, Fabrizio & Franco, Daniele, 2003. "EMU fiscal rules: a new answer to an old question?," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 34909, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. repec:rej:journl:v:16:y:2013:i:47:p:75-90 is not listed on IDEAS
    3. Mackiewicz, Michał, 2005. "Making The Stability Pact More Flexible: Can It Lead to Procyclical Fiscal Policies?," MPRA Paper 16033, University Library of Munich, Germany.
    4. Paola Veroni, 2001. "Dix ans de politique budgétaire au service de l’euro : l’exemple italien," Sciences Po publications info:hdl:2441/2545, Sciences Po.
    5. Paola Veroni, 2001. "Dix ans de politique budgétaire au service de l'euro : l'exemple italien," Post-Print hal-01016956, HAL.
    6. L. Marattin, 2007. "Private and Public Consumption and Counter-Ciclical Fiscal Policy," Working Papers 588, Dipartimento Scienze Economiche, Universita' di Bologna.
    7. Balassone, Fabrizio & Franco, Daniele & Zotteri, Stefania, 2003. "Fiscal rules for sub-national governments: what lessons from EMU countries?," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 34926, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    8. Marco Buti & Sylvester Eijffinger & Daniele Franco, 2003. "Revisiting the Stability and Growth Pact: grand design or internal adjustment?," European Economy - Economic Papers 2008 - 2015 180, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    9. repec:spo:wpecon:info:hdl:2441/2545 is not listed on IDEAS
    10. Cronin, David & Daniel McCoy,, 2000. "Fiscal Sustainability When Time is on Your Side," Research Technical Papers 4/RT/00, Central Bank of Ireland.
    11. cipollone piero, 2001. "Is the Italian Labour market segmented?," Temi di discussione (Economic working papers) 400, Bank of Italy, Economic Research and International Relations Area.
    12. Marco Buti & João Nogueira Martins & Alessandro Turrini, 2007. "From Deficits to Debt and Back: Political Incentives under Numerical Fiscal Rules," CESifo Economic Studies, CESifo, vol. 53(1), pages 115-152, March.
    13. Lars Calmfors & Giancarlo Corsetti & John Flemming & Seppo Honkapohja & John Kay & Willi Leibfritz & Gilles Saint-Paul & Hans-Werner Sinn & Xavier Vives, 2003. "Fiscal Policy and Macroeconomic Stabilisation in the Euro Area: Possible Reforms of the Stability and Growth Pact and National Decision-Making-Processes," EEAG Report on the European Economy, CESifo Group Munich, vol. 0, pages 46-75, May.

    More about this item

    Keywords

    FISCAL POLICY ; ECONOMIC GROWTH ; DEBT ; ACCOUNTING;

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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