The European fiscal framework: What lessons can we learn from the crisis?

Type de publication : Article Scientifique

Date de la publication : 19 janvier 2011

Auteur(s) : M. SCHALCK Christophe

Editeur : Economics Bulletin

Détails (Pages/Numéro) : Volume 31 Issue 1

Abstract : This paper provides some explanation of recent fiscal developments in European countries and offers several guidelines for a new European fiscal framework. We propose a framework based on three pillars: a quantitatively and qualitatively extended preventive arm, an improved dissuasive arm and a financial arm that facilitates financial solidarity between member states, thus increasing the credibility of the euro area.

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