The notion that fiscal rules are necessary to safeguard fiscal responsibility is a widely accepted tenet of fiscal policy. However, experience with the implementation of EU fiscal rules has been mixed, driving a wedge between initial ambitions and outcomes. This column uses the latest update of the European Commission’s compliance tracker to shed some light on the debate. In
Over the period 1998-2021, Luxembourg was the member state with the highest level of compliance with European budgetary rules, according to a recent report.
The economic landscape has changed dramatically since the European fiscal rules were designed some 30 years ago. This column contributes to the debate on reform by proposing a two-tier fiscal framework combining an expenditure rule that accounts for the ECB’s inflation objective with a lower speed of adjustment under the Stability and Growth Pact’s debt rule.
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One of the key challenges for the next decade is how to facilitate the green transition. Governments are expected to scale up public investment, buffer the costs of more severe weather-related shocks, and deploy other fiscal tools in a way that facilitates a smooth private sector transition, as well as handle the unavoidable distributive effects of a higher carbon price. This