Fiscal Governance In Europe

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Playing by the Rules

Luc Eyraud,Mr.Tao Wu
Playing by the Rules Book PDF

Author : Luc Eyraud,Mr.Tao Wu
Publisher : International Monetary Fund
Page : 50 pages
File Size : 47,6 Mb
Release : 2015-03-24
Category : Business & Economics
ISBN : 9781484300282

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Playing by the Rules by Luc Eyraud,Mr.Tao Wu Pdf

The paper contributes to the discussions on fiscal governance in Europe. It takes stock of recent reforms, identifies areas for further progress, and discusses a menu of policy options for the medium-term. The issues covered include: (i) the growing complexity of the European framework and ways to simplify it; (ii) the difficulties to measure and implement structural stance indicators; (iii) the challenge of reconciling fiscal sustainability and growth; (iv) the need to enhance coordination in the area of monitoring; and (v) the obstacles to compliance and proposals to strengthen enforcement.

Fiscal Governance in Europe

Mark Hallerberg,Rolf Rainer Strauch,Jürgen von Hagen
Fiscal Governance in Europe Book PDF

Author : Mark Hallerberg,Rolf Rainer Strauch,Jürgen von Hagen
Publisher : Cambridge University Press
Page : 235 pages
File Size : 53,5 Mb
Release : 2009-03-16
Category : Political Science
ISBN : 9781139476270

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Fiscal Governance in Europe by Mark Hallerberg,Rolf Rainer Strauch,Jürgen von Hagen Pdf

This book presents a theoretical framework to discuss how governments coordinate budgeting decisions. There are two modes of fiscal governance conducive to greater fiscal discipline, a mode of delegation and a mode of contracts. These modes contrast with a fiefdom form of governance, in which the decision-making process is decentralized. An important insight is that the effectiveness of a given form of fiscal governance depends crucially upon the underlying political system. Delegation functions well when there are few, or no, ideological differences among government parties, whereas contracts are effective when there are many such differences. Empirically, delegation and contract states perform better than fiefdom states if they match the underlying political system. Additional chapters consider why countries have the fiscal institutions that they do, fiscal governance in Central and Eastern Europe, and the role of such institutions in the European Union.

Reforming Fiscal Governance in the European Union

Michal Andrle,Mr.John C Bluedorn,Luc Eyraud,Mr.Tidiane Kinda,Ms.Petya Koeva Brooks,Mr.Gerd Schwartz,Anke Weber
Reforming Fiscal Governance in the European Union Book PDF

Author : Michal Andrle,Mr.John C Bluedorn,Luc Eyraud,Mr.Tidiane Kinda,Ms.Petya Koeva Brooks,Mr.Gerd Schwartz,Anke Weber
Publisher : International Monetary Fund
Page : 28 pages
File Size : 52,8 Mb
Release : 2015-05-21
Category : Business & Economics
ISBN : 9781498338288

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Reforming Fiscal Governance in the European Union by Michal Andrle,Mr.John C Bluedorn,Luc Eyraud,Mr.Tidiane Kinda,Ms.Petya Koeva Brooks,Mr.Gerd Schwartz,Anke Weber Pdf

Successive reforms have brought many positive elements to the European Union’s fiscal framework. But they have also increased its complexity. The current system involves an intricate set of fiscal constraints, which hampers effective monitoring and public communication. Compliance has also been weak. This note discusses medium-term reform options to simplify the framework and improve compliance. Based on model simulations and practical considerations, it argues for moving to a two-pillar approach, with a single fiscal anchor (public debt-to-GDP) and a single operational target (an expenditure growth rule, possibly with an explicit debt correction mechanism) linked to the anchor.

Reforming Fiscal Governance in the European Union

Anonim
Reforming Fiscal Governance in the European Union Book PDF

Author : Anonim
Publisher : Unknown
Page : 28 pages
File Size : 43,7 Mb
Release : 2015
Category : Fiscal policy
ISBN : 151358586X

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Reforming Fiscal Governance in the European Union by Anonim Pdf

Successive reforms have brought many positive elements to the European Union's fiscal framework. But they have also increased its complexity. The current system involves an intricate set of fiscal constraints, which hampers effective monitoring and public communication. Compliance has also been weak. This note discusses medium-term reform options to simplify the framework and improve compliance. Based on model simulations and practical considerations, it argues for moving to a two-pillar approach, with a single fiscal anchor (public debt-to-GDP) and a single operational target (an expenditure growth rule, possibly with an explicit debt correction mechanism) linked to the anchor.

Domestic Budgets in a United Europe

Mark Hallerberg
Domestic Budgets in a United Europe Book PDF

Author : Mark Hallerberg
Publisher : Cornell University Press
Page : 268 pages
File Size : 47,7 Mb
Release : 2004
Category : Business & Economics
ISBN : 0801442710

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Domestic Budgets in a United Europe by Mark Hallerberg Pdf

Under European Monetary Union, member states lose the ability to steer their economies by manipulating monetary policy. Domestic Budgets in a United Europe, which explains the content, evolution, and effectiveness of fiscal institutions, will be the definitive account of European budget reform in the late twentieth century.Mark Hallerberg examines the making of budgets in EU countries from 1973 to 2000 and explores why those countries introduced fiscal rules when they did. In 1993, when the fiscal-policy criteria for monetary union were first announced, only Luxembourg and the Republic of Ireland would have qualified. In 1997, only Greece failed. Various explanations have been advanced for this rapid turnaround, including luck (a favorable economic climate reduced pressures on local budgets), accounting tricks, and the increasing pressures caused by international capital mobility. Underlying these various explanations is a basic skepticism about whether countries in the European Union actively worked to reform their national budgeting procedures. In rich case studies, Hallerberg shows that the member-states did indeed reform their budget institutions. Many of them, he finds, had started that process long before the formal signing of the Maastricht Treaty of 1991, making domestic changes that allowed them to qualify individually under EMU criteria.

Designing a European Fiscal Union

Mr.Carlo Cottarelli,Ms.Martine Guerguil
Designing a European Fiscal Union Book PDF

Author : Mr.Carlo Cottarelli,Ms.Martine Guerguil
Publisher : International Monetary Fund
Page : 270 pages
File Size : 45,8 Mb
Release : 2014-12-05
Category : Business & Economics
ISBN : 9781138783225

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Designing a European Fiscal Union by Mr.Carlo Cottarelli,Ms.Martine Guerguil Pdf

Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements are used to coordinate fiscal policy between the federal and subnational levels? What are the links between federal and subnational debt, and how have subnational financing crises been handled, when they occurred? These policy questions are critical in many federations, and central to the current discussions about future paths for the European Union. This book brings to the table new, practical insights through a systematic and comprehensive comparison of the EU fiscal framework with that of federal states. It also departs from the decentralization perspective that has been prominent in the literature by focusing on the role of the centre (which responsibilities are centralized at the federal level and how they are handled, rather than which functions belong to the local level). Such an approach is particularly relevant for the European Union, where a fiscal union would imply granting new powers to the centre.

Enforcement and the Stability and Growth Pact: How Fiscal Policy Did and Did Not Change Under Europe's Fiscal Framework

Anthony Annett
Enforcement and the Stability and Growth Pact How Fiscal Policy Did and Did Not Change Under Europe s Fiscal Framework Book PDF

Author : Anthony Annett
Publisher : International Monetary Fund
Page : 38 pages
File Size : 41,8 Mb
Release : 2006-05
Category : Business & Economics
ISBN : UCSD:31822034379263

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Enforcement and the Stability and Growth Pact: How Fiscal Policy Did and Did Not Change Under Europe's Fiscal Framework by Anthony Annett Pdf

The Stability and Growth Pact has been a success in numerous EU countries, especially in guiding them toward underlying fiscal balance ahead of population aging. These countries tend to be smaller, subject to greater macroeconomic volatility, and reliant on a form of fiscal governance that emphasizes targets and contracts. Most of the new members share these characteristics. For the countries less compatible with the Pact, domestic governance reforms that increase the reputational costs for noncompliance can be useful complements to the fiscal framework.

Fiscal Austerity and Innovation in Local Governance in Europe

Carlos Nunes Silva,Ján Bu?ek
Fiscal Austerity and Innovation in Local Governance in Europe Book PDF

Author : Carlos Nunes Silva,Ján Bu?ek
Publisher : Routledge
Page : 214 pages
File Size : 51,6 Mb
Release : 2016-04-15
Category : Political Science
ISBN : 9781317134916

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Fiscal Austerity and Innovation in Local Governance in Europe by Carlos Nunes Silva,Ján Bu?ek Pdf

Following the financial crisis and subsequent impacts of economic slowdown and austerity, the emergence of new local governance models and innovation is a very timely issue. The same goes for identifying new types of funding schemes and fiscal models prompted by austerity with the reduction in financial resources for local governments. This book offers a broad perspective on some of the organizational and financial problems faced by cities and local governments across Europe and analyses the reactions and reforms implemented to address current economic and public finance conditions. The geographical coverage of the case studies, multidisciplinary background of the contributing authors and focus on a multiplicity of issues and challenges that confront local governments, not just financial issues as is often the case, means this book is relevant to a wide readership. The book is written for post-graduate students, advanced undergraduates, and researchers in the multidisciplinary field of local government studies (Public Administration, Geography, Political Science, Law, Economy and Sociology), as well as practitioners working in local government institutions.

Legal Foundations of EU Economic Governance

Antonio Estella de Noriega,Antonio Estella
Legal Foundations of EU Economic Governance Book PDF

Author : Antonio Estella de Noriega,Antonio Estella
Publisher : Cambridge University Press
Page : 289 pages
File Size : 54,9 Mb
Release : 2018-09-06
Category : Law
ISBN : 9781107141018

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Legal Foundations of EU Economic Governance by Antonio Estella de Noriega,Antonio Estella Pdf

A critical analysis of the legal dimension of European Union economic governance.

Toward A Fiscal Union for the Euro Area

Céline Allard,Ms.Petya Koeva Brooks,Mr.John C Bluedorn,Fabian Bornhorst,Ms.Franziska L Ohnsorge,Mrs.Katharine M Christopherson Puh
Toward A Fiscal Union for the Euro Area Book PDF

Author : Céline Allard,Ms.Petya Koeva Brooks,Mr.John C Bluedorn,Fabian Bornhorst,Ms.Franziska L Ohnsorge,Mrs.Katharine M Christopherson Puh
Publisher : International Monetary Fund
Page : 29 pages
File Size : 55,9 Mb
Release : 2013-09-25
Category : Business & Economics
ISBN : 9781484307373

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Toward A Fiscal Union for the Euro Area by Céline Allard,Ms.Petya Koeva Brooks,Mr.John C Bluedorn,Fabian Bornhorst,Ms.Franziska L Ohnsorge,Mrs.Katharine M Christopherson Puh Pdf

This is on a highly topical issue and addresses a key policy issue for Europe—namely, reinforcing EMU institutional architecture along with the Banking Union. Some proposals have emerged in Europe, and it will be important to put out staff views on this issue. In that context, publication as an SDN is appropriate, given the high profile nature and relevance of the topic—much like the Banking Union paper done a few months ago.

Accountability in the Economic and Monetary Union

Menelaos Markakis
Accountability in the Economic and Monetary Union Book PDF

Author : Menelaos Markakis
Publisher : Oxford University Press
Page : 400 pages
File Size : 47,6 Mb
Release : 2020-04-02
Category : Law
ISBN : 9780192583956

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Accountability in the Economic and Monetary Union by Menelaos Markakis Pdf

Following the financial and public debt crisis, the EU's Economic and Monetary Union (EMU) has been under intense political scrutiny. The measures adopted in response to the crisis have granted additional powers to the EU (and national) authorities, the exercise of which can have massive implications for the economies of the Member States, financial institutions and, of course, citizens. The following questions arise: how can we hold accountable those institutions that are exercising power at the national and EU level? What is the appropriate level, type and degree of accountability and transparency that should be involved in the development of the EU's governance structures in the areas of fiscal and economic governance and the Banking Union? What is the role of parliaments and courts in holding those institutions accountable for the exercise of their duties? Is the revised EMU framework democratically legitimate? How can we bridge the gap between the citizens - and the institutions that represent them - and those institutions that are making these important decisions in the field of economic and monetary policy? This book principally examines the mechanisms for political and legal accountability in the EMU and the Banking Union. It examines the implications that the reforms of EU economic governance have had for the locus and strength of executive power in the Union, as well as the role of parliaments (and other political fora) and courts in holding the institutions acting in this area accountable for the exercise of their tasks. It further sets out several proposals regarding transparency, accountability, and legitimacy in the EMU.

Fiscal Federalism in the European Union

Amedeo Fossati,Giorgio Panella
Fiscal Federalism in the European Union Book PDF

Author : Amedeo Fossati,Giorgio Panella
Publisher : Routledge
Page : 318 pages
File Size : 50,7 Mb
Release : 2005-08-03
Category : Business & Economics
ISBN : 9781134632145

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Fiscal Federalism in the European Union by Amedeo Fossati,Giorgio Panella Pdf

Combining theoretical and empirical analysis this book explores the core issues of fiscal federalism in the European context.

Governance of the European Monetary Union

Erik Jones,Francisco Torres
Governance of the European Monetary Union Book PDF

Author : Erik Jones,Francisco Torres
Publisher : Routledge
Page : 178 pages
File Size : 52,7 Mb
Release : 2018-02-05
Category : Political Science
ISBN : 9781317203377

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Governance of the European Monetary Union by Erik Jones,Francisco Torres Pdf

The crisis in the euro area is a defining moment in the history of European integration. It has revealed major flaws in the architecture of the European Union; it has challenged European institutions to shape an appropriate response; and it has tested the patience of a European public that is eager to see their economic prospects improve again. This volume brings together some of the world’s top economists and policymakers to explain how this crisis came about and what is to be done. The policy agenda these chapters establish is going to be difficult to implement, not least because of popular misunderstanding and political opposition. This book argues, that it is essential that European policymakers push forward this agenda or they run the risk of seeing Europe’s economies fall back into crisis. This book was previously published as a special issue of the Journal of European Integration.

Fiscal Performance, Institutional Design and Decentralization in European Union Countries

Mr.Julio Escolano,Luc Eyraud,Marialuz Moreno Badia,Ms.Juliane Sarnes,Ms.Anita Tuladhar
Fiscal Performance Institutional Design and Decentralization in European Union Countries Book PDF

Author : Mr.Julio Escolano,Luc Eyraud,Marialuz Moreno Badia,Ms.Juliane Sarnes,Ms.Anita Tuladhar
Publisher : International Monetary Fund
Page : 32 pages
File Size : 50,5 Mb
Release : 2012-02-01
Category : Business & Economics
ISBN : 9781463936464

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Fiscal Performance, Institutional Design and Decentralization in European Union Countries by Mr.Julio Escolano,Luc Eyraud,Marialuz Moreno Badia,Ms.Juliane Sarnes,Ms.Anita Tuladhar Pdf

This paper analyzes the impact of decentralization on overall fiscal performance in the European Union, taking into account fiscal institutional arrangements. We find that spending decentralization has been associated with sizably better fiscal performance, especially when transfer dependency of subnational governments is low. However, subnational fiscal rules do not seem to be associated with better performance.

Fiscal Politics in the Euro Area

Luc Eyraud,Vitor Gaspar,Mr.Tigran Poghosyan
Fiscal Politics in the Euro Area Book PDF

Author : Luc Eyraud,Vitor Gaspar,Mr.Tigran Poghosyan
Publisher : International Monetary Fund
Page : 44 pages
File Size : 54,7 Mb
Release : 2017-02-10
Category : Business & Economics
ISBN : 9781475578034

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Fiscal Politics in the Euro Area by Luc Eyraud,Vitor Gaspar,Mr.Tigran Poghosyan Pdf

This paper provides evidence of fiscal procyclicality, excessive deficits, distorted budget composition and poor compliance with fiscal rules in the euro area. Our analysis relies on real-time data for 19 countries participating in the euro area over 1999–2015. We look for, but do not find, conclusive evidence of bias in procedures in relation to country size. The paper also briefly reviews the literature on political economy factors and policy biases, and offers some reflections on the euro area architecture.