How could the Stability and Growth Pact be simplified?
An assessment of the present SGP fiscal rules reveals a significant deterioration in simplicity, undermining their effectiveness. In fact, in both design and process, they have become the most complex worldwide. Three options for future reform are offered to correct this deficiency. Under the first, the structural balance and the debt convergence targets are replaced with a debt-stabilizing or -reducing primary surplus target, while retaining the expenditure benchmark. The second consolidates all current rules into a single operational debt rule by setting a limit on the discretionary budget deficit, derived from the debt reduction target. The third option consists of a market-based approach, inspired by the oldest and most successful subnational fiscal frameworks.
Análisis en profundidad
Autor externo
George Kopits
Acerca de este documento
Tipo de publicación
Palabra clave
- ASUNTOS FINANCIEROS
- desarrollo económico
- ECONOMÍA
- economía monetaria
- Estado miembro UE
- fiscalidad
- GEOGRAFÍA
- geografía económica
- gobernanza
- gobernanza económica (UE)
- poder ejecutivo y administración pública
- política económica
- política económica
- política fiscal
- política monetaria
- recuperación económica
- relaciones monetarias
- situación económica
- Unión Económica y Monetaria
- VIDA POLÍTICA
- zona euro