Towards expenditure rules and fiscal sanity in the euro area

Arbeitspapier

The study looks at primary expenditure developments in the euro area, its three largest members and four “macro-imbalances” countries for the period 1999-2009. It compares actual expenditure trends with those that would have prevailed if countries had followed neutral policies based on expenditure rules since the start of EMU. It also calculates the implications for debt trends. It finds that, all sample countries except Germany applied expansionary expenditure policies. This resulted in much higher expenditure and debt paths compared to a counterfactual neutral expenditure stance. Simple and prudent rules-based spending policies could have led to much safer fiscal positions much more in line with the EU’s Stability and Growth Pact rules.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ECB Working Paper ; No. 1266

Klassifikation und Themen

• Klassifikation: Wirtschaft ; General Aggregative Models: Forecasting and Simulation: Models and Applications ; Policy Objectives; Policy Designs and Consistency; Policy Coordination ; Studies of Particular Policy Episodes ; National Government Expenditures and Related Policies: General ; National Budget, Deficit, and Debt: General
• Thema: Expenditure policies ; expenditure rules ; fiscal stance ; public debt ; sustainability ; Europäischer Stabilitätsmechanismus ; Öffentliche Ausgaben ; Öffentliche Schulden ; Finanzpolitik ; Nachhaltigkeit ; Eurozone ; Deutschland ; Frankreich ; Italien ; Griechenland ; Irland ; Portugal ; Spanien

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Hauptmeier, Sebastian ; Sanchez Fuentes, Jesus ; Schuknecht, Ludger
• Ereignis: Veröffentlichung
• (wer): European Central Bank (ECB)
• (wo): Frankfurt a. M.
• (wann): 2010

Weitere Informationen

• Handle: http://hdl.handle.net/10419/153700
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ