Fiscal Policy in the European Union
β JesΓΊs Ferreiro, Giuseppe Fontana, Felipe Serrano (eds.)
π Library
π
2008
π Palgrave Macmillan UK
π English
β¦ LIBER β¦
π
Fiscal Policy in the European Union
β Scribed by Jesus Ferreiro, Jess Ferreiro, Giuseppe Fontana, Felipe Serrano
- Year
- 2009
- Tongue
- English
- Leaves
- 236
- Category
- Library
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β¦ Synopsis
Recent times have seen a downgrading of the relevance of fiscal policy, as a result of both the current need to reduce high levels of public deficit and debt, and the dominance of neoclassical theories. The institutional framework and the rules of fiscal policy operating in the European Union are built upon this theoretical basis. The Maastricht Treaty has imposed the reduction of fiscal imbalances as the main objective of national fiscal policies. The fear for a relaxation of this fiscal discipline has then led to the approval of the Stability and Growth Pact (SGP), which was then reformed in 2005, in order to give more flexibility to national fiscal policies. More recently, the world-wide turmoil in the financial markets has generated support for a high level of fiscal activism, in order to alleviate the negative impact on the economy. Criticisms of the current framework of fiscal policy in the European Union are rising. This book offers a comprehensive analysis of current national fiscal policies in the European Union and European Monetary Union, and provides insights into the consequences of these fiscal policies on economic activity. With contributions from a range of experts, the book focuses on the coordination problems between the single monetary policy and national fiscal policies, and the negative impact on the capacity of fiscal policy to correct short-term economic fluctuations and to accelerate economic growth in the long-term in European economies. This book is an essential read for all interested in the role of fiscal policy in the European Union.
β¦ Table of Contents
Contents......Page 6
List of Figures......Page 8
List of Tables......Page 10
Notes on the Contributors......Page 12
Introduction......Page 18
1 Fiscal Federalism in the European Union: How Far Are We?......Page 23
2 Is There Compatibility between the Stability and Growth Pact and Automatic Fiscal Stabilizers?......Page 42
3 Stabilization Capacity and Fiscal Policy in the EMU......Page 70
4 Fiscal Adjustment and Composition of Public Expenditures in the EMU......Page 101
5 Public Capital and Economic Growth: a Spurious Empirical Link?......Page 126
6 Has France Become a Deficit Running Country?......Page 146
7 How to Deal with Economic Divergences in the EMU?......Page 174
8 A Scheme to Coordinate Monetary and Fiscal Policies in the Euro Area......Page 201
B......Page 226
C......Page 227
E......Page 228
F......Page 229
G......Page 230
K......Page 231
M......Page 232
P......Page 233
S......Page 234
T......Page 235
Z......Page 236
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