La política fiscal aplicada en la Unión Económica Monetaria (1999-2007). Un análisis desde la perspectiva de la recesión actual

Jesús Arroyo Fernández M.ª and Jorge Uxó González
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Jesús Arroyo Fernández M.ª: Universidad CEU San Pablo
Jorge Uxó González: Universidad Complutense de Madrid

EKONOMIAZ. Revista vasca de Economía, 2008, vol. 69, issue 03, 46-79

Abstract: The transfer of sovereignty in monetary policy and exchange rate associated with the creation of the Economic and Monetary Union (EMU) provides fiscal and budgetary policy with a more important role as a stabilization policy, and even more taking into account the current financial and economic crisis. The article makes an analysis of public finances within the EMU during the period 1999-2007. It examines the processes of consolidation of public accounts in Europe during the last years, the fiscal margin, with which the various governments have to face the crisis, the sign of this fiscal policy and its relation to the economic cycle, the implementation of the Stability and Growth Pact and the expected influence that the current crisis will have on European public finances in the coming years.

Keywords: European public finances; anticyclical fiscal policy; Stability and Growth Pact (search for similar items in EconPapers)
JEL-codes: E62 E66 (search for similar items in EconPapers)
Date: 2008
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