Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/120869 
Year of Publication: 
2015
Series/Report no.: 
ZEW policy brief No. 4/2015
Publisher: 
Zentrum für Europäische Wirtschaftsforschung (ZEW), Mannheim
Abstract: 
Over the past five years, the euro area's fiscal rules have been reformed and extended. It is not clear, however, whether these changes have been effective at boosting fiscal prudence, and whether they go far enough. This policy paper summarises recent research findings from a Spanish-German-American team led by ZEW. The study considers the general effectiveness of fiscal rules in the past and the interactions between rules, political factors and fiscal equalization. One key recommendation is that fiscal governance should pay more attention to budgetary developments in the seemingly good times, explicitly addressing the use of windfall revenues and the build-up of large bureaucracies.
Document Type: 
Research Report

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