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Fiscal Policy Coordination in Europe

  • Calmfors, Lars

    ()

    (Institute for International Economic Studies, Stockholm University)

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    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.

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    File URL: http://su.diva-portal.org/smash/get/diva2:354734/FULLTEXT03
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    Paper provided by Stockholm University, Institute for International Economic Studies in its series Seminar Papers with number 765.

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    Length: 20 pages
    Date of creation: 18 Aug 2010
    Date of revision:
    Handle: RePEc:hhs:iiessp:0765
    Contact details of provider: Postal: Institute for International Economic Studies, Stockholm University, S-106 91 Stockholm, Sweden
    Phone: +46-8-162000
    Fax: +46-8-161443
    Web page: http://www.iies.su.se/

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    1. Lindbeck, Assar & Persson, Mats, 2008. "A Continuous Model of Income Insurance," Working Paper Series 763, Research Institute of Industrial Economics.
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