Establishing a fiscal dialogue in Europe

Jerome Creel

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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)
Date: 2021-01-01
Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03363670
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Journal Article: Establishing a Fiscal Dialogue in Europe (2021)
Working Paper: Establishing a fiscal dialogue in Europe (2021)
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