Darvas, Zsolt and Anderson, Julia (2020) New life for an old framework: redesigning the European Union's expenditure and golden fiscal rules. Working Paper. Corvinus University of Budapest, Budapest.
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Abstract
In the context of the review of the EU economic governance framework, this study recommends a multi-year ahead expenditure rule anchored in an appropriate public debt target, augmented with an asymmetric golden rule that provides extra fiscal space only in times of a recession. An improved governance framework should strengthen national fiscal councils and include a European fiscal council, while financial sanctions should be replaced with instruments related to surveillance, positive incentives, market discipline and increased political cost of noncompliance.
Item Type: | Monograph (Working Paper) |
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Series Name: | Corvinus Economics Working Papers - CEWP |
Series Number / Identification Number: | 2020/05 |
Uncontrolled Keywords: | expenditure rule, golden rule, structural budget balance |
JEL classification: | E62 - Fiscal Policy H20 - Taxation, Subsidies, and Revenue: General |
Subjects: | International economics Finance |
ID Code: | 5976 |
Deposited By: | Veronika Vitéz |
Deposited On: | 20 Oct 2020 17:23 |
Last Modified: | 04 Jan 2021 14:28 |
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