The European fiscal framework: What lessons can we learn from the crisis?

Christophe Schalck

Economics Bulletin, 2011, vol. 31, issue 1, 358-366

Abstract: This paper provides some explanation of recent fiscal developments in European countries and offers several guidelines for a new European fiscal framework. We propose a framework based on three pillars: a quantitatively and qualitatively extended preventive arm, an improved dissuasive arm and a financial arm that facilitates financial solidarity between member states, thus increasing the credibility of the euro area.

Keywords: Stability and Growth Pact; Fiscal policies; Sovereign default (search for similar items in EconPapers)
JEL-codes: E6 H6 (search for similar items in EconPapers)
Date: 2011-01-19
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ebl:ecbull:eb-10-00566

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