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Fiscal Policy Coordination in Europe

Lars Calmfors ()
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Lars Calmfors: Institute for International Economic Studies, Stockholm University, Postal: Stockholm University, S-106 69 Stockholm, Sweden, http://people.su.se/~calmf/

No 765, Seminar Papers from Stockholm University, Institute for International Economic Studies

Abstract: A fundamental overhaul of EU economic governance is needed. The most important reform is a strengthening of national fiscal frameworks, including the establishment of independent fiscal watchdogs in Member States that do not yet have such institutions. At the European level, a permanent crisis resolution mechanism should be integrated with both broader macroeconomic surveillance and the sanction system. An independent European fiscal council could, based on macroeconomic risk considerations, decide in advance appropriate haircuts in the event of future sovereign debt restructuring.

Keywords: EU; economic governance; fiscal policy; macroeconomics (search for similar items in EconPapers)
JEL-codes: A00 E62 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2010-08-18
New Economics Papers: this item is included in nep-cba, nep-eec and nep-mac
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