Artikel
The reform of the EU economic governance framework, market discipline and the role of the ECB
Experience with European fiscal rules has shown that European rules cannot prevent member states from accumulating high debt levels if they want to. The fact that the ECB increasingly positions itself as a fiscal bailout mechanism implies that the risk of short-term fiscal crises due to a collapse of confidence in capital market declines. But this comes at the cost of further weakening incentives for fiscal discipline- A reform of economic governance should place emphasis on enhancing fiscal discipline and responsibility. The proposal that an excessive deficit procedure will be opened by default if countries deviate from their agreed fiscal adjustment paths may improve discipline. In contrast, the idea to allow countries to incur more debt if their policies are aligned with EU political priorities will weaken fiscal discipline
- Language
-
Englisch
- Bibliographic citation
-
Journal: EconPol Forum ; ISSN: 2752-1184 ; Volume: 24 ; Year: 2023 ; Issue: 4 ; Pages: 5-10
- Classification
-
Wirtschaft
- Event
-
Geistige Schöpfung
- (who)
-
Fuest, Clemens
- Event
-
Veröffentlichung
- (who)
-
CESifo GmbH
- (where)
-
Munich
- (when)
-
2023
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Fuest, Clemens
- CESifo GmbH
Time of origin
- 2023
Other Objects (12)
Reforming economic governance in the Eurozone: Shifting spending instead of expanding debt margins
The revenue effect of a global effective minimum tax
Climate policy priorities for the next European Commission
Who should bear the burden of increasing fiscal pressure? An optimal income taxation perspective
Beyond the status quo: BRICS+ and the challenge to the G7
The Single European Market: The unfinished business
Narratives in ECB press conferences: A textual analysis
Reforming the Ukrainian economy and state: The unfinished business
The effects of fighting populism on the populist dynamic
How to deal with the European energy crisis? Core challenges for the EU (introduction to the issue)
Introduction to the issue on how to reconstruct Ukraine? Challenges, plans and the role of the EU
Do school curricula matter to students in the long run? The case of teaching the theory of evolution or creationism in the United States
Reforming economic governance in the Eurozone: Shifting spending instead of expanding debt margins
The revenue effect of a global effective minimum tax
Climate policy priorities for the next European Commission
Who should bear the burden of increasing fiscal pressure? An optimal income taxation perspective
Beyond the status quo: BRICS+ and the challenge to the G7
The Single European Market: The unfinished business
Narratives in ECB press conferences: A textual analysis
Reforming the Ukrainian economy and state: The unfinished business
The effects of fighting populism on the populist dynamic
How to deal with the European energy crisis? Core challenges for the EU (introduction to the issue)
Introduction to the issue on how to reconstruct Ukraine? Challenges, plans and the role of the EU
Do school curricula matter to students in the long run? The case of teaching the theory of evolution or creationism in the United States
Reforming economic governance in the Eurozone: Shifting spending instead of expanding debt margins
The revenue effect of a global effective minimum tax
Climate policy priorities for the next European Commission
Who should bear the burden of increasing fiscal pressure? An optimal income taxation perspective
Beyond the status quo: BRICS+ and the challenge to the G7
The Single European Market: The unfinished business
Narratives in ECB press conferences: A textual analysis
Reforming the Ukrainian economy and state: The unfinished business
The effects of fighting populism on the populist dynamic
How to deal with the European energy crisis? Core challenges for the EU (introduction to the issue)
Introduction to the issue on how to reconstruct Ukraine? Challenges, plans and the role of the EU