Reducing Implicit Liabilities: The New Stability Pact Will (Moderately) Help

Buti Marco () and Martins João Nogueira
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Buti Marco: Europäische Kommission, B-1049 Bruxelles
Martins João Nogueira: Europäische Kommission, Directorate Economies of the Member States, Office: BU-1 01/166, Rue de la Loi, 200, B-1049 Brussels

Zeitschrift für Wirtschaftspolitik, 2006, vol. 55, issue 3, 288-304

Abstract: The EU fiscal framework has often been criticised for not providing Member States with the right incentives to adopt structural reforms which would reduce implicit liabilities and improve sustainability. The Pact, as reformed in 2005, now includes a number of provisions that explicitly consider sustainability and the need of Member States of embarking in bold structural measures that contribute to reduce their implicit liabilities. The pressure for short-term consolidation in SGP-I has, in part, shifted towards structural reforms. Overall, the reformed SGP will moderately help Member States in adopting structural reforms and reducing their implicit liabilities.

Keywords: fiscal policy; implicit liabilities; sustainability; EMU and Stability Pact (search for similar items in EconPapers)
Date: 2006
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DOI: 10.1515/zfwp-2006-0304

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