We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.
We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.
from Part III - The future of the euro area
Published online by Cambridge University Press: 07 October 2011
Introduction
Since the early 1990s many European countries have introduced fiscal rules and procedures which are aimed at either preventing or reducing fiscal imbalances. This development reflects three main factors: the experience of the previous decades, characterised by large imbalances, public debt growth and the implementation of pro-cyclical policies; the creation of the Economic and Monetary Union (EMU) and the introduction of fiscal rules at the European Union (EU) level; and the challenges of ongoing demographic changes.
The reforms have involved three main lines of action: (1) the introduction of numerical fiscal rules; (2) the modification of budgetary procedures, in particular with a view to strengthening the role of the Ministry of Finance and to making budgetary policy more medium-term oriented; and (3) the creation of independent fiscal institutions, which can contribute to macro fiscal forecasting, fiscal analysis, policy design and even implementation.
To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
Find out more about the Kindle Personal Document Service.
To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.
To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.
