Implizite Staatsverschuldung, Strukturreformen und Europäischer Stabilitäts- und Wachstumspakt

Clemens Fuest

Zeitschrift für Wirtschaftspolitik, 2006, vol. 55, issue 3, 315-323

Abstract: The public debt rules of the European Stability and Growth Pact limit explicit debt but neglect the implicit debt embodied in pay as you go social insurance systems. This does not only imply that the pact fails to take into account the consequences of implicit debt for the sustainability of public finances. It is also possible that a member state violates the pact by transforming implicit into explicit debt in the context of social security reforms, without changing the overall sustainability of its public finances. The pact does include special rules for taking into account reforms of social insurance systems. But these rules are only partly appropriate.

Date: 2006
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DOI: 10.1515/zfwp-2006-0306

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