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.
Uitgebreide analyse
Externe auteur
George Kopits
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- belastingbeleid
- belastingwezen
- ECONOMIE
- economisch beleid
- economisch beleid
- economisch herstel
- Economische en Monetaire Unie
- economische geografie
- economische governance van de EU
- economische ontwikkeling
- economische situatie
- EU-lidstaat
- eurozone
- FINANCIËN
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- monetair beleid
- monetaire betrekkingen
- monetaire economie
- POLITIEK
- uitvoerende macht en overheidsadministratie