Stability and Growth in Europe: Towards a Better Pact: Monitoring European Integration 13

Fatas, Antonio; von Hagen, Jürgen; Hallett, Andrew Hughes; Strauch, Rolf; Sibert, Anne

Editore: Centre for Economic Policy Research
ISBN 10: 1898128774 / ISBN 13: 9781898128779
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1898128774 Crisp, clean, unread paperback with light shelfwear to the covers and a publisher's mark to one edge - Nice!. Codice inventario libreria

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Riassunto:

The fiscal policy framework of the EMU is in a states of crisis. Since the start of EMU, fiscal conditions in some member states have slipped considerably beyond the limits set by the Maastricht Treaty and the Stability and Growth Pact. It is clear that the preventive arm of the Stability and Growth Pact has failed to preclude excessive deficits. There is no shortage of proposals to reform the current fiscal framework in this crisis situation. They range from calls for softening their implementation, and to proposals for closer coordination of national fiscal policies. None of these proposals offers a convincing solution to the problem at the heart of the current crisis: how to balance the need for effective long-run fiscal stability in EMU with the need for short-run flexibility of fiscal policy in the member states. After a detailed analysis of the virtues and defects of the current fiscal framework, this report presents a proposal for reform that addresses this issue. The authors argue that EMU should move away from rigid fiscal rules for annual deficits towards a more judgmental process of monitoring the sustainability of fiscal policies. This approach is guided by three principles: independence, transparency, and legitimacy. Together wit the ability to assess the fiscal situation and outlook of each euro-area member state, they are the keys to designing a framework that provides enough flexibility and, at the same time, can build the required credibility and political support. The authors propose the creation of a Sustainability Council for the EMU, and independent body with the sole statutory task of safeguarding the sustainability of public finances in the euro area. The Sustainability Council regularly and openly reports to the public and the European Parliament its assessment of the member states' fiscal policies, taking into account past performance, current perspectives and the future course of fiscal policies. Its mandate is the counterpart of the ECB's principal task of maintaining price stability. However, the Sustainability Council has no operative role in fiscal policy; it relies solely on the pressure of informed public opinion to discipline national governments. The use of the instruments of fiscal policy is entirely left to the national governments, and the Sustainability Council can only be conceived as a judge of national public finances.

About the Author:

Antonio Fatas is Associate Professor of Economics at INSEAD, Fontanbleau, and is a Research Fellow in CEPR's International Macroeconomics research programme. Jürgen von Hagen is vice rector of Bonn University, where he is director of the Institute for International Economics. Andrew Hughes Hallett is University Professor and Co-Director of the Center for Emerging Market Policy at George Mason University. Rolf Strauch is an economist at ZEI in Bonn. He has earned a degree in political science from Rutgers University, New Jersey, and in public administration from Konstanz University, Germany. Anne Sibert is professor of economics at the University of London.

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Titolo: Stability and Growth in Europe: Towards a ...
Casa editrice: Centre for Economic Policy Research
Legatura: PAPERBACK
Condizione libro: Very Good

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Fatas, Antonio, von Hagen, J?rgen, Hallett, Andrew Hughes, Strauch, Rolf, Sibert, Anne
Editore: Centre for Economic Policy Research (2004)
ISBN 10: 1898128774 ISBN 13: 9781898128779
Usato Quantità: 1
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Descrizione libro Centre for Economic Policy Research, 2004. Condizione libro: Good. 0th Edition. Shows some signs of wear, and may have some markings on the inside. Codice libro della libreria GRP96539412

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Fatas, Antonio, Hagen Jurgen Von Andrew Hughes Hallett a. o.:
Editore: Centre for Economic Policy Research London, (2004)
ISBN 10: 1898128774 ISBN 13: 9781898128779
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Descrizione libro Centre for Economic Policy Research London, 2004. Softcover/Paperback. 89 pages. Ex-Library Book in very good condition! Buch aus ehemaligen Bibliothekbeständen, mit Signatur und Stempel. Sehr guter Zustand. EU1 9781898128779 Sprache: Englisch Gewicht in Gramm: 221. Codice libro della libreria 275198

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Fatas, Antonio; von Hagen, Jürgen; Hallett, Andrew Hughes; Strauch, Rolf; Sibert, Anne
Editore: Centre for Economic Policy Research
ISBN 10: 1898128774 ISBN 13: 9781898128779
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Descrizione libro Centre for Economic Policy Research. PAPERBACK. Condizione libro: Very Good. 1898128774 Crisp, clean, unread paperback with light shelfwear to the covers and a publisher's mark to one edge - Nice!. Codice libro della libreria Z1898128774Z2

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Antonio Fatas, Jürgen von Hagen, Andrew Hughes Hallett, Rolf Strauch et Anne Sibert
Editore: Centre for Economic Policy Research (2003)
ISBN 10: 1898128774 ISBN 13: 9781898128779
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Descrizione libro Centre for Economic Policy Research, 2003. Softcover. Condizione libro: Bon. Edition 2004. Ammareal reverse jusqu'à 15% du prix net de ce livre à des organisations caritatives. ENGLISH DESCRIPTION Book Condition: Used, Good. Edition 2004. Ammareal gives back up to 15% of this book's net price to charity organizations. Codice libro della libreria A-511-930

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