Fiscal Policy Coordination in Europe
A fundamental overhaul of EU economic governance is needed. The most important reform is a strengthening of national fiscal frameworks, including the establishment of independent fiscal watchdogs in Member States that do not yet have such institutions. At the European level, a permanent crisis resolution mechanism should be integrated with both broader macroeconomic surveillance and the sanction system. An independent European fiscal council could, based on macroeconomic risk considerations, decide in advance appropriate haircuts in the event of future sovereign debt restructuring.
|Date of creation:||18 Aug 2010|
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- Lindbeck, Assar & Persson, Mats, 2008.
"A Continuous Model of Income Insurance,"
756, Stockholm University, Institute for International Economic Studies.
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