Establishing a Fiscal Dialogue in Europe

Jerome Creel

Comparative Economic Studies, 2021, vol. 63, issue 3, No 2, 339-355

Abstract: Abstract In this contribution, I use the fiscal theory of the price level as a backdrop for a discussion on the risks that expansionary fiscal policies may pose on debt sustainability. I recall that a regime of fiscal dominance does not lead to macroeconomic instability. I also review a few empirical papers on fiscal sustainability and I conclude, also based upon own estimates, that it is not a major concern, at least in the short to mid-run. Finally, I argue that Europeans should continue on the fiscal impetus they contributed to in 2020 by fostering coordination and transparency on EU fiscal policies. To achieve this objective, I revisit the idea of an enhanced dialogue on fiscal matters at the European Parliament and propose to establish a Fiscal Dialogue with the EU Member States.

Keywords: Fiscal policy; Public debt; Fiscal governance; European Union (search for similar items in EconPapers)
JEL-codes: E62 F42 H60 H61 H63 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1057/s41294-021-00144-5

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