Implementation of the fiscal compact in the Euro area member states: Expertise on the behalf of the German Council of Economic Experts
[Conclusion] The overall picture of the current status of implementation of the Fiscal Compact into national law is rather ambiguous. On the one side, there are countries like Spain and Portugal, which have been severely affected by the Euro crisis, and appeared to have learned a lesson and implemented promising and strong fiscal rules. On the other side, it is worrisome that Greece, of all countries, has not put forward any draft bill so far and failed to meet the deadlines set by the MoU. The overall picture is also somewhat ambiguous because many countries have not anchored their budget rules into their constitution, but rely on simple laws instead. While the vast majority of countries have created the legal basis for the creation of an independent fiscal council, only some have already appointed the members. There seems to be a general tendency towards staffing the councils with members who are rather not involved in politics but are academic economists, and in some cases even are recruited from other countries. This finding fuels the expectation that the fiscal councils are not only de jure but also de facto independent in their work. However, one also has to note that the appointing process for fiscal councils is still a much politicized procedure, with the parliament and the government being the key players. Thus, the question to what extent the independence of the fiscal councils will also be ensured in the long run, remains unanswered for the moment. In some countries the independence is not institutionally secured, for instance, by explicitly prohibiting the appointment of active (or recently active) politicians for the fiscal council.
|Date of creation:||2014|
|Contact details of provider:|| Postal: Statistisches Bundesamt, Gustav-Stresemann-Ring 11, 65180 Wiesbaden|
Phone: +49 611 - 752390
Fax: +49 611 - 752538
Web page: http://www.sachverstaendigenrat-wirtschaft.de/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Caroline Klein & Robert W. R. Price & Andreas Wörgötter, 2013. "Improving the Fiscal Framework to Enhance Growth in an Era of Fiscal Consolidation in Slovakia," OECD Economics Department Working Papers 1018, OECD Publishing.
- Heiko T. Burret & Lars P. Feld, 2013. "Fiscal Institutions in Germany," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 149(II), pages 249-290, June.
When requesting a correction, please mention this item's handle: RePEc:zbw:svrwwp:082013e. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.