How could the Stability and Growth Pact be simplified?
Past reforms of the Stability and Growth Pact (SGP) have improved its economic rationale, but this progress has come at the expense of simplicity, transparency and, possibly, enforceability. This study surveys and evaluates reform models that could reduce complexity without compromising the SGP’s indispensable flexibility. From a holistic perspective, the greatest potential for simplification will result from a shift of discretionary power to an independent fiscal institution. Independence is a substitute for complexity. With a narrower focus on the potential streamlining of the SGP and a reduction of excess complexity, first, the preventive and corrective arms could be integrated into one procedure. Second, this integrated procedure should be centred on a net expenditure rule that is combined with a debt feedback mechanism and a memory for expenditure overruns. Third, further fiscal indicators that are currently treated as parallel targets (headline deficit rule and structural balance) could be downgraded to non-binding reference values. And fourth, the planned transposition of the Fiscal Compact into European law should follow SGP reforms in order to promote consistency between European and national fiscal rules.
Λεπτομερής ανάλυση
Εξωτερικός συντάκτης
Friedrich Heinemann
Πληροφορίες για το έγγραφο
Τύπος δημοσίευσης
Λέξη κλειδί
- ΓΕΩΓΡΑΦΙΑ
- ΔΗΜΟΣΙΟΝΟΜΙΚΑ
- διακυβέρνηση
- διαρθρωτικές διακυμάνσεις
- εκτελεστική εξουσία και δημόσια διοίκηση
- ζώνη ευρώ
- κράτος μέλος ΕΕ
- νομισματικές σχέσεις
- νομισματική οικονομία
- νομισματική πολιτική
- οικονομική ανάκαμψη
- οικονομική ανάπτυξη
- οικονομική γεωγραφία
- οικονομική διακυβέρνηση (ΕΕ)
- Οικονομική και Νομισματική Ένωση
- οικονομική κατάσταση
- οικονομική πολιτική
- οικονομική πολιτική
- ΟΙΚΟΝΟΜΙΚΑ
- ΠΟΛΙΤΙΚΗ
- φορολογία
- φορολογική πολιτική