Fiscal and other rules in EU economic governance: helpful, largely irrelevant or unenforceable?

Begg, Iain (2017) Fiscal and other rules in EU economic governance: helpful, largely irrelevant or unenforceable? National Institute Economic Review, 239 (1). R3-R13. ISSN 0027-9501

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Abstract

EU Member States, particularly in the euro area, have been pushed to adopt more extensive and intrusive fiscal rules, but,what is the evidence that the rules are succeeding?. The EU level Stability and Growth Pact (SGP) has been – and remains – the most visible rule-book, but it has been complemented by a profusion of national rules and by new provisions on other sources of macroeconomic imbalance. Much of the analysis of rules has concentrated on their technical merits, but tends to neglect the political economy of compliance. This paper examines the latter looking at compliance with fiscal rules at EU and Member State levels, and at the rules-based mechanisms for curbing other macroeconomic imbalances. It concludes that politically driven implementation and enforcement shortcomings have been given too little attention, putting at risk the integrity and effectiveness of the rules.

Item Type:	Article
Official URL:	http://journals.sagepub.com/toc/ner/current
Additional Information:	© 2017 The Author
Divisions:	European Institute
Subjects:	J Political Science > JN Political institutions (Europe) J Political Science > JZ International relations
JEL classification:	E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook > E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F42 - International Policy Coordination and Transmission H - Public Economics > H1 - Structure and Scope of Government > H11 - Structure, Scope, and Performance of Government H - Public Economics > H6 - National Budget, Deficit, and Debt > H61 - Budget; Budget Systems H - Public Economics > H7 - State and Local Government; Intergovernmental Relations > H77 - Intergovernmental Relations; Federalism; Secession H - Public Economics > H8 - Miscellaneous Issues > H81 - Governmental Loans, Loan Guarantees, and Credits
Date Deposited:	19 Jan 2017 12:54
Last Modified:	15 Apr 2024 07:06
URI:	http://eprints.lse.ac.uk/id/eprint/68915

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