The Framework For Fiscal Policy In Emu
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The Framework For Fiscal Policy In Emu
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Author : Carmen Elena Flores
language : en
Publisher:
Release Date : 2005
The Framework For Fiscal Policy In Emu written by Carmen Elena Flores and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with European Economic Community countries categories.
The Framework For Fiscal Policy In Emu
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Author : European Commission
language : en
Publisher:
Release Date : 2005
The Framework For Fiscal Policy In Emu written by European Commission and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Fiscal Policy In Economic And Monetary Union
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Author : Marco Buti
language : en
Publisher: Edward Elgar Publishing
Release Date : 2005-01-01
Fiscal Policy In Economic And Monetary Union written by Marco Buti and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-01-01 with Business & Economics categories.
The book has many merits, and represents an important contribution to the controversial topic of European fiscal policy. I appreciated in particular the high quality and rigor of the analysis and the fact that the pros and cons of the contending opinions are presented in a fair way. It is a rewarding reading. EAEPE Newsletter Buti and Franco present a series of interesting analytical information which should be read by as broad an audience as possible. . . the book is a good buy. László Csaba, Acta Oeconomica This book explores the origins, rationale, problems and prospects of the European fiscal policy framework. It provides the reader with a roadmap to EMU s budgetary framework by exploring its theoretical and empirical foundations, uncovering its historical roots and emphasising its supranational nature. The authors, who have been at the forefront of the academic and policy debate on economic policy in Europe, argue that fiscal policy has always been at the core of the EMU debate. The Maastricht criteria and the Stability and Growth Pact are the most contentious building blocks of EMU s institutional architecture: they have aroused heated controversies between academics and policymakers ever since their adoption. As EMU s budgetary rules undergo their first severe shock, Europe is still searching for its fiscal soul. The book s basic premise is that one cannot fully understand EMU s fiscal framework and the recent debate on its reform without placing them in a historical and institutional perspective and abstracting from the uniqueness of EMU, where sovereign countries retain a large degree of fiscal independence, and monetary policy is entrusted to an independent central bank with the overriding mission of maintaining price stability. Analysing all aspects of EMU s fiscal rules and institutions, this book will strongly appeal to students, academics and researchers of macroeconomic policy and European integration. Policymakers and fiscal policy experts at both national and international levels will also find the book to be of great interest.
The Stability And Growth Pact
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Author : A. Brunila
language : en
Publisher: Springer
Release Date : 2001-09-20
The Stability And Growth Pact written by A. Brunila and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-09-20 with Business & Economics categories.
The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The contributions in this volume analyse the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications. The authors include academic economists, who provide insightful analysis, and policy makers who have contributed to the shaping of the pact and have a direct responsibility for its implementation. This book is the definitive source of reference on the SGP for academics, policy makes and economists.
Will Fiscal Policy Be Effective Under Emu
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Author : Mr.M. Cangiano
language : en
Publisher: International Monetary Fund
Release Date : 1998-12-01
Will Fiscal Policy Be Effective Under Emu written by Mr.M. Cangiano and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-12-01 with Business & Economics categories.
European Economic and Monetary Union does not envisage creating a central fiscal authority. Monetary and exchange rate policies will be centralized, but fiscal policy will remain a national responsibility, in line with the subsidiarity principle. This paper argues that monetary union will generate pressures for closer economic integration than currently envisaged. Although not a necessity, a more active central role could then be justified on the grounds of allocative efficiency, redistribution, and stabilization. While in the short term enhanced policy coordination may address those pressures satisfactorily, as economic integration proceeds, the case for a central fiscal authority may become stronger.
Policy Frameworks In The Uk And Emu
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Author : Great Britain. Treasury
language : en
Publisher: H.M. Treasury
Release Date : 2003
Policy Frameworks In The Uk And Emu written by Great Britain. Treasury and has been published by H.M. Treasury this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
This publication is part of a set of 18 documents which have been prepared by H.M. Treasury to inform the assessment of the Government's five economic tests for Economic and Monetary Union (EMU) entry into the euro area. This study examines the robustness of the frameworks for macroeconomic policy in both the UK and the euro area, and the implications for the UK in achieving the Government's objective of high stable levels of economic growth and employment, whether in or out of EMU. The assessment of robustness is determined by considering three key objectives of achieving credibility, flexibility and legitimacy.
Effects Of The European Economic And Monetary Union Emu On Taxation And Interest Spending Of National Governments
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Author : Mr.Francesco P. Mongelli
language : en
Publisher: International Monetary Fund
Release Date : 1997-07-01
Effects Of The European Economic And Monetary Union Emu On Taxation And Interest Spending Of National Governments written by Mr.Francesco P. Mongelli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-07-01 with Business & Economics categories.
This paper examines the interest spending and taxation channels through which EMU could affect the public finances. It provides a framework for examining different views on a further narrowing of interest rate differentials. A model of Blanchard and Fischer is amended to analyze the two channels, and empirical evidence on the tax harmonization process is presented. The paper argues that “high-debt” and “high-tax” countries pursuing prudent fiscal policies could benefit the most from EMU: if monetary and widespread fiscal discipline are jointly established, interest rates could decline rapidly, while tax harmonization is likely to be gradual.
Fiscal Policy In Emu
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Author : Benoit Coeure
language : en
Publisher:
Release Date : 2010
Fiscal Policy In Emu written by Benoit Coeure and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This paper takes stock of the academic and policy discussions on the fiscal institutions of EMU, confronts the framework in place with what is known of the desirable properties of fiscal policy in a monetary union, and discusses possible improvements. We start with a discussion of three requirements for the fiscal framework of a monetary union: it should be conducive to public finance sustainability, leave room for stabilization at the national level, and encourage structural reform. We then examine how the Stability and Growth Pact (SGP) measures up to these requirements and find that it has mostly failed on all three accounts. Whether the 2005 reform of the SGP fixes those deficiencies remains an open issue. To this end, we propose five building blocks towards an effective SGP: a better concept of sustainability; harmonized general government balance sheets; appropriate targets; refined procedures; and better institutions.
Stability And Growth In Europe
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Author : Antonio Fatás
language : en
Publisher: Centre for Economic Policy Research
Release Date : 2003
Stability And Growth In Europe written by Antonio Fatás and has been published by Centre for Economic Policy Research this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
The fiscal policy framework of the EMU is in a states of crisis. Since the start of EMU, fiscal conditions in some member states have slipped considerably beyond the limits set by the Maastricht Treaty and the Stability and Growth Pact. It is clear that the preventive arm of the Stability and Growth Pact has failed to preclude excessive deficits. There is no shortage of proposals to reform the current fiscal framework in this crisis situation. They range from calls for softening their implementation, and to proposals for closer coordination of national fiscal policies. None of these proposals offers a convincing solution to the problem at the heart of the current crisis: how to balance the need for effective long-run fiscal stability in EMU with the need for short-run flexibility of fiscal policy in the member states. After a detailed analysis of the virtues and defects of the current fiscal framework, this report presents a proposal for reform that addresses this issue. The authors argue that EMU should move away from rigid fiscal rules for annual deficits towards a more judgmental process of monitoring the sustainability of fiscal policies. This approach is guided by three principles: independence, transparency, and legitimacy. Together wit the ability to assess the fiscal situation and outlook of each euro-area member state, they are the keys to designing a framework that provides enough flexibility and, at the same time, can build the required credibility and political support. The authors propose the creation of a Sustainability Council for the EMU, and independent body with the sole statutory task of safeguarding the sustainability of public finances in the euro area. The Sustainability Council regularly and openly reports to the public and the European Parliament its assessment of the member states' fiscal policies, taking into account past performance, current perspectives and the future course of fiscal policies. Its mandate is the counterpart of the ECB's principal task of maintaining price stability. However, the Sustainability Council has no operative role in fiscal policy; it relies solely on the pressure of informed public opinion to discipline national governments. The use of the instruments of fiscal policy is entirely left to the national governments, and the Sustainability Council can only be conceived as a judge of national public finances.
The Effects Of The European Economic And Monetary Union Emu On National Fiscal Sustainability
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Author : Mr.Francesco P. Mongelli
language : en
Publisher: International Monetary Fund
Release Date : 1996-07-01
The Effects Of The European Economic And Monetary Union Emu On National Fiscal Sustainability written by Mr.Francesco P. Mongelli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-07-01 with Business & Economics categories.
This paper presents a methodology to analyze the responsiveness of fiscal sustainability to the “endogenous fiscal discipline” that will be strengthened by the EMU. This discipline arises in response to the harmonization of tax systems, the loss of control of current and prospective money financing, and the deepening of financial market-based discipline. The model used in this paper is a generalization of Blanchard’s (1984) model, in which the interest rate is determined endogenously. This provides the framework to analyze more features of the linkage between sustainability and endogenous fiscal discipline. This paper also presents a new intratemporal fiscal sustainability index.