The Resource Europe's New Fiscal Rules, Sebastian Barnes, David Davidsson and Łukasz Rawdanowicz, (electronic resource)

Europe's New Fiscal Rules, Sebastian Barnes, David Davidsson and Łukasz Rawdanowicz, (electronic resource)

Label
Europe's New Fiscal Rules
Title
Europe's New Fiscal Rules
Statement of responsibility
Sebastian Barnes, David Davidsson and Łukasz Rawdanowicz
Creator
Contributor
Subject
Language
eng
Summary
Europe is putting in place a new system of fiscal rules following the euro area sovereign debt crisis and decades of rising government to debt-to-GDP ratios. These include the so-called "six pack" to upgrade the Stability and Growth Pact to a new Treaty incorporating the "fiscal compact". Much of the discussion about the new rules has been procedural or theoretical. This paper shows what the rules will mean in practice under a realistic mediumterm scenario developed by the OECD. In the short term, fiscal consolidation will largely be driven by the current wave of Excessive Deficit Procedures. Only once these commitments are fulfilled will the new system of rules come into action. Although the rules are complex, the central pillar of the new fiscal rules will be the requirement to balance budgets in structural terms. These imply a tight fiscal stance over the coming years for many European countries by comparison with the performance achieved in past decades: almost all countries will have to be as disciplined as the few countries that managed to make meaningful progress in tackling high debt levels in the past. A further tightening of budgetary Medium-Term Objectives is likely in 2012, which will in many cases make the required fiscal stance even tighter. Over the very long term, the rules imply very low levels of debt. The requirements can thus not be considered to be a permanent approach. The methodology to calculate the structural balance has a number of weaknesses and discretion will be needed in implementing the rules
Member of
Cataloging source
FR-PaOEC
http://library.link/vocab/creatorDate
1977-
http://library.link/vocab/creatorName
Barnes, Sebastian
Government publication
international or intergovernmental publication
Index
no index present
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/relatedWorkOrContributorName
  • Davidsson, David
  • Rawdanowicz, Łukasz W
Series statement
OECD Economics Department Working Papers,
Series volume
no.972
http://library.link/vocab/subjectName
Economics
Label
Europe's New Fiscal Rules, Sebastian Barnes, David Davidsson and Łukasz Rawdanowicz, (electronic resource)
Instantiates
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
800720762
Dimensions
21 x 30 cm
Extent
1 online resource 31 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/5k9777md976b-en
Specific material designation
remote
System control number
(OCoLC)800720762
Label
Europe's New Fiscal Rules, Sebastian Barnes, David Davidsson and Łukasz Rawdanowicz, (electronic resource)
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
800720762
Dimensions
21 x 30 cm
Extent
1 online resource 31 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/5k9777md976b-en
Specific material designation
remote
System control number
(OCoLC)800720762

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