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  1. Towards a single performance indicator in the EU's fiscal governance framework
    an assessment of the expenditure and structural balance rules in the European fiscal governance framework
    Autor*in: Benalal, Nicholai; Freier, Maximilian; Melyn, Wim; Parys, Stefan van; Reiss, Lukas
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    A key element of the European reform agenda is to simplify the EU fiscal governance framework by moving towards a single debt anchor and a single operational indicator as the basis for formulating fiscal targets and assessing compliance. This paper... mehr

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    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    A key element of the European reform agenda is to simplify the EU fiscal governance framework by moving towards a single debt anchor and a single operational indicator as the basis for formulating fiscal targets and assessing compliance. This paper puts forward an in-depth analysis of two alternative fiscal performance indicators currently used in the EU fiscal framework: the change in the structural balance and the expenditure benchmark. Comparing these two indicators allows us to identify options for the design of a fiscal performance measure – such as assumptions on cyclical adjustment and the inclusion of fiscal variables – and assess their policy impact. Our paper finds that the expenditure benchmark used in the EU fiscal governance framework has advantages over the change in the structural balance. However, it still has scope for improvement. The paper also shows that taking account of interest payments in the expenditure benchmark would make fiscal policy more supportive of the monetary policy stance.

     
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289948425
    Weitere Identifier:
    hdl: 10419/262133
    Schriftenreihe: Occasional paper series / European Central Bank ; no 288 (January 2022)
    Schlagworte: EMU; euro area; fiscal governance; Stability and Growth Pact
    Umfang: 1 Online-Ressource (41 Seiten), Illustrationen
  2. Towards a single performance indicator in the EU's fiscal governance framework
    an assessment of the expenditure and structural balance rules in the European fiscal governance framework
    Autor*in: Benalal, Nicholai; Freier, Maximilian; Melyn, Wim; Parys, Stefan van; Reiss, Lukas
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    A key element of the European reform agenda is to simplify the EU fiscal governance framework by moving towards a single debt anchor and a single operational indicator as the basis for formulating fiscal targets and assessing compliance. This paper... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 535
    Fernleihe:
    keine Fernleihe

     

    A key element of the European reform agenda is to simplify the EU fiscal governance framework by moving towards a single debt anchor and a single operational indicator as the basis for formulating fiscal targets and assessing compliance. This paper puts forward an in-depth analysis of two alternative fiscal performance indicators currently used in the EU fiscal framework: the change in the structural balance and the expenditure benchmark. Comparing these two indicators allows us to identify options for the design of a fiscal performance measure – such as assumptions on cyclical adjustment and the inclusion of fiscal variables – and assess their policy impact. Our paper finds that the expenditure benchmark used in the EU fiscal governance framework has advantages over the change in the structural balance. However, it still has scope for improvement. The paper also shows that taking account of interest payments in the expenditure benchmark would make fiscal policy more supportive of the monetary policy stance.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289948425
    Weitere Identifier:
    hdl: 10419/262133
    Schriftenreihe: Occasional paper series / European Central Bank ; no 288 (January 2022)
    Schlagworte: EMU; euro area; fiscal governance; Stability and Growth Pact
    Umfang: 1 Online-Ressource (41 Seiten), Illustrationen
  3. Future of the Economic and Monetary Union
    Autor*in: Gortsos, Christos V.
    Erschienen: 2022
    Verlag:  SSRN, [S.l.]

    The present paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    The present paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments and challenges ahead. It is structured in three Sections:Section I (“Introductory Remarks”) sets out the foundations of the EMU.The following Section II (“The Impact of the Three Major Crises During the Period 2007-2021”) develops on how the (2007-2009) Global Financial Crisis (GFC), the subsequent fiscal crisis in the euro area and the most recent pandemic crisis have affected the conduct of monetary policy by the European Central Bank (ECB) within the Eurosystem, have led to the strengthening of the Economic Union regarding sovereign crisis management and have led to the creation of the European System of Financial Supervision (ESFS) and the then of the Banking Union (BU), in some pillars of which the role of the ECB is significant.Finally, Section III (“Current Developments and Challenges”) discusses recent and current developments in relation to the Monetary Union (including the new (2021) monetary policy strategy of the Eurosystem and its implementation amidst the ‘inflation crisis’ in 2022), the Economic Union and the Banking Union (with a focus on the ‘unfinished’ agenda)

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: European Banking Institute Working Paper Series ; 2022 - no. 129
    Schlagworte: EMU; ECB; Eurosystem; European System of Financial Supervision (ESFS); Banking Union (BU); Global Financial Crisis (GFC); euro area fiscal crisis; inflation crisis; monetary policy; quantitative easing; new monetary policy strategy; financial stability; macroprudential policies
    Umfang: 1 Online-Ressource (22 p)
    Bemerkung(en):

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 8, 2022 erstellt
  4. Reconciling Fiscal and Environmental Sustainability in the Eurozone
    Autor*in: Noord, Paul Joseph van den
    Erschienen: 2022
    Verlag:  SSRN, [S.l.]

    Fiscal restraint looks inevitable in the Eurozone following the pandemic, especially if the fiscal rules are reinstated. How to match this with the need to finance the climate transition? Two possible routes are explored. One is the adoption of a... mehr

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    Fiscal restraint looks inevitable in the Eurozone following the pandemic, especially if the fiscal rules are reinstated. How to match this with the need to finance the climate transition? Two possible routes are explored. One is the adoption of a ‘green golden rule’, with the structural deficit limit (or ‘Medium Term Objective’) increased by 1% of GDP. Alternatively, new borrowing capacity could be created at the centre through a ‘European Climate Fund’, involving some redistribution towards countries most in need of abatement. Either way, financing the energy transition – now more urgent than ever in view of the Ukrainian war – could be achieved within the confines of the 60% of GDP debt constraint

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Amsterdam Centre for European Studies Research Paper ; No. 2022, 4
    Schlagworte: Fiscal policy; European Green Deal; EMU
    Umfang: 1 Online-Ressource (27 p)
    Bemerkung(en):

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 30, 2022 erstellt
  5. The effects of fiscal rules on public investment over the cycle
    Autor*in: Jürgens, Ekaterina
    Erschienen: 2022
    Verlag:  Hans-Böckler-Stiftung, Düsseldorf

    This paper investigates how numerical fiscal rules affect government investment in the EU and disentangles their effect over the business cycle. Public investment seems to be generally susceptible to cutbacks during recessions. Fiscal rules... mehr

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    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DSP 200
    Fernleihe:
    keine Fernleihe

     

    This paper investigates how numerical fiscal rules affect government investment in the EU and disentangles their effect over the business cycle. Public investment seems to be generally susceptible to cutbacks during recessions. Fiscal rules demonstrate heterogeneous effects, depending on their design and on the state of the economy. Specifically, rigid fiscal rules, lacking flexibility features, restrain government investment. This detrimental effect mostly materializes during a downturn, thus exacerbating the overall negative impact of the recession. Key public investment categories, such as Economic Affairs, Housing, Health, and Social Protection, shrink during recessions when fiscal rules are implemented. It is important to design fiscal rules with enough flexibility to reduce their procyclical effect and prevent them from curtailing investment in vital areas of public economy.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/274242
    Schriftenreihe: FMM working paper ; Nr. 84 (December 2022)
    Schlagworte: Fiscal rules; public investment; fiscal cyclicality; EMU
    Umfang: 1 Online-Ressource (circa 27 Seiten), Illustrationen