Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/145075
Authors: 
Benassy-Quere, Agnes
Year of Publication: 
2016
Series/Report no.: 
CESifo Working Paper 6040
Abstract: 
Despite large automatic stabilizers, the performance of the Euro area as a whole in terms of fiscal stabilization is relatively poor. This report argues that a meaningful fiscal stance for the Euro area should rely on the current account as a complement to the output gap, and be coordinated only in “exceptional” times, the usual bottom-up approach of fiscal policy remaining appropriate for “normal” times. In such setting, the European Fiscal Board would play a key role in advising the Commission on the existence of “exceptional” circumstances, on the adequate aggregate fiscal stance and on its desirable distribution across member states.
Subjects: 
fiscal stance
coordination of fiscal policies
euro area
European Fiscal Board
JEL: 
E62
F42
F45
Document Type: 
Working Paper

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