On the Reform of Fiscal Rules in the European Union: What Has Been Achieved, and How Did We Get Here?

Schnellenbach Jan ()
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Schnellenbach Jan: Brandenburg University of Technology at Cottbus, Cottbus, Germany

The Economists' Voice, 2025, vol. 22, issue 1, 59-80

Abstract: In April 2024, the European Union has reformed its set of fiscal rules, aimed at securing sustainable public finances in its member countries. In this paper, we discuss the pathway towards reform and highlight the main characteristics of the reformed set of rules. It is argued that, relative to the original proposals by the Commission, the rules have improved. However, the numerical safeguards may be circumvented to some extent. In sum, there remains plenty of discretionary leeway for a conflict-averse Commission to appease non-compliant member countries.

Keywords: fiscal rules; stability and growth pact; European Union; fiscal sustainability (search for similar items in EconPapers)
JEL-codes: H10 H62 H63 H87 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1515/ev-2024-0060

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