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Fiscal Policy Coordination in Europe


  • Calmfors, Lars

    () (Institute for International Economic Studies, Stockholm University)


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.

Suggested Citation

  • Calmfors, Lars, 2010. "Fiscal Policy Coordination in Europe," Seminar Papers 765, Stockholm University, Institute for International Economic Studies.
  • Handle: RePEc:hhs:iiessp:0765

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    References listed on IDEAS

    1. Assar Lindbeck & Mats Persson, 2013. "A continuous model of income insurance," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 20(6), pages 938-960, December.
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    Cited by:

    1. Ferré, Montserrat, 2012. "The effects of uncertainty about countries’ compliance with the Stability and Growth Pact," Journal of Policy Modeling, Elsevier, vol. 34(5), pages 660-674.
    2. IANCU, Aurel, 2013. "Extending Financialisation and Increasing Fragility of the Financial System," Working Papers of National Institute of Economic Research 130307, National Institute of Economic Research.

    More about this item


    EU; economic governance; fiscal policy; macroeconomics;

    JEL classification:

    • A00 - General Economics and Teaching - - General - - - General
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy

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