Seminar Papers, Institute for International Economic Studies, Stockholm University
Fiscal Policy Coordination in Europe
Abstract: 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.
Keywords: EU; economic governance; fiscal policy; macroeconomics; (follow links to similar papers)
JEL-Codes: A00; E62; (follow links to similar papers)
20 pages, August 18, 2010
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