UID:
edocfu_9958057032502883
Format:
1 online resource (97 p.)
Edition:
First edition.
ISBN:
1-4843-0046-7
,
1-4755-1788-2
Series Statement:
IMF Working Papers ; Volume Working Paper No. 15/67
Content:
The paper contributes to the discussions on fiscal governance in Europe. It takes stock of recent reforms, identifies areas for further progress, and discusses a menu of policy options for the medium-term. The issues covered include: (i) the growing complexity of the European framework and ways to simplify it; (ii) the difficulties to measure and implement structural stance indicators; (iii) the challenge of reconciling fiscal sustainability and growth; (iv) the need to enhance coordination in the area of monitoring; and (v) the obstacles to compliance and proposals to strengthen enforcement.
Note:
Description based upon print version of record.
,
Cover Page; Title Page; Copyright Page; Contents; Tables; Figures; Boxes; Appendices; I. Introduction; 1. Public Debt Ratio; 1. Decomposition of Debt Changes in the Euro Area Between end-2007-end-2013; III. Past Reforms of the Fiscal Framework; 2. Main Objectives of Past Fiscal Governance Reforms; IV. Track Record Under The SGP; 3. Non-compliance with European Fiscal Rules; 4. Structural Balance and Output Gap; 5. Public Debt; V. Pending Issues and Areas for Further Progres; A. The Growing Complexity of the Framework; 6. Supranational Constraints and Rules on Fiscal Aggregates
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7. Number of Federations with Central Constraints on Subnational Entities8. Simulated Debt Reduction in 2019; B. The Difficult Migration from Nominal to Structural Balance Targets; 9. Real-Time Estimation Error of the Output Gap; 1. The Bottom-Up Approach To Estimating Discretionary Revenues; 2. Measurement Error of the Structural Stance; C. Reconciling Fiscal Sustainability and Growth Objectives; 2. Is There a Trade-Off Between Fiscal Consolidation and Structural Reforms?; 10. Investment in the Euro Area; D. Dealing with Multiple Monitoring Schemes
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E. Enforcement: the Limits of Peer Pressure11. Euro Area: Share of Non-Compliers; VI. Issues for Discussion and Policy Options; 3. How Do Federations Constrain the Fiscal Policy of Sub-central Governments?; 4. How To Move Forward with the Structural Balance Indicator?; VII. Conclusions; A.1. Reforms of the Preventive Arm of the SGP; A.2. Reforms of the Corrective Arm of the SGP; A.3. Euro Area: General Government Overall Balance, 1999-2013; A.4. Euro Area: General Government Debt, 1999-2013; A.5. Euro Area: General Government Structural Balance, 1999-2013; 1. Debt Decomposition Methodology
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2. Procylicality of Fiscal Policy in the Euro AreaA.6. Cyclical Sensitivity of the Structural Fiscal Effort; A.7. Cyclical Sensitivity of the Structural Fiscal Balance; A.8. Cyclical Sensitivity of the Structural Fiscal Effort, IV Estimation; References; II. The Setting: Public Debt On An Upward Trend; Footnotes
Additional Edition:
ISBN 1-4843-0028-9
Language:
English
