Benefits and drawbacks of an “expenditure rule”, as well as of a "golden rule", in the EU fiscal framework
Étude
20-07-2020
Given the current crisis, all fiscal rules have been suspended. When the economy recovers, both expenditure and structural balance rules will be more difficult to apply as the level and growth of potential output will become more uncertain. Focussing on reducing high debt levels might at that point be more appropriate. The economic argument for a golden rule is that debt can be used to finance the creation of public capital. But this implies that any golden rule should only exempt net investment, which is much lower than the gross investment.
Étude
Auteur externe
Daniel GROS, Marvin JAHN
À propos de ce document
Type de publication
Domaine politique
Mot-clé
- analyse économique
- Asie - Océanie
- Chine
- commission PE
- conséquence économique
- dette publique
- documentation
- FINANCES
- finances publiques et politique budgétaire
- fiscalité
- GÉOGRAPHIE
- géographie économique
- institutions de l'Union européenne et fonction publique européenne
- investissement et financement
- investissement public
- maladie à coronavirus
- politique fiscale
- QUESTIONS SOCIALES
- rapport de recherche
- relations monétaires
- reprise économique
- récession économique
- santé
- situation économique
- UNION EUROPÉENNE
- zone euro
- ÉCONOMIE
- ÉDUCATION ET COMMUNICATION
- épidémie