Fiscal Solvency in Europe: Budget Deficits and Government Debt under European Monetary Union

Guglielmo Maria Caporale

National Institute Economic Review, 1992, vol. 140, 69-77

Abstract: The debate on European monetary union has brought the issue of European fiscal policy into public scrutiny. This note discusses the problems of fiscal policy coordination in Europe over the next decade, and analyses the evolution of debt and deficits over the 1970s and 1980s. We then look more formally at the concept of a sustainable path for public debt and report on some tests that investigate whether or not debt paths in Europe have been on a stable trajectory. The note by Barrell and In't Veld in this Review considers the importance of fiscal solvency in constructing large scale macro models, and casts further light on the issues discussed here.

Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:cup:nierev:v:140:y:1992:i::p:69-77_6

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