Budgetary surveillance and long-term sustainability – How to account for implicit liabilities in the context of the Stability and Growth Pact and the underlying statistics?

Burgtorf Ulrich ()
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Burgtorf Ulrich: Deutsche Bundesbank, Zentralbereich Volkswirtschaft, Abtlg. Öfentliche Finanzen, Wilhelm-Epstein-Straße 14, 60431 Frankfurt/Main

Zeitschrift für Wirtschaftspolitik, 2006, vol. 55, issue 3, 305-314

Abstract: Strict fiscal rules do not necessarily hinder structural reforms, but consolidation efforts may also be required in the short term. The paper focuses on the treatment of implicit (pension) liabilities in the Stability and Growth Pact and the underlying accounting framework. The possible integration of implicit debt in the statistical system might (in theory) create positive incentives, but, in practice, is likely to worsen the outcome because of creative accounting or even manipulation. Attention is drawn to the need for reliable fiscal indicators to support longterm sustainability.

Date: 2006
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DOI: 10.1515/zfwp-2006-0305

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