Skip to main content Skip to main navigation menu Skip to site footer
  • Login
  • Menu
  • Home
  • Current
  • Archives
  • About
    • About the Journal
    • Submissions
    • Contact
  • Login

Equilibrium. Equilibrium. Quarterly Journal of Economics and Economic Policy

Effectiveness of Fiscal Policy Coordination Rules in the Monetary Union
  • Home
  • /
  • Effectiveness of Fiscal Policy Coordination Rules in the Monetary Union
  1. Home /
  2. Archives /
  3. Vol. 7 No. 3 (2012) /
  4. Policy and business cycles

Effectiveness of Fiscal Policy Coordination Rules in the Monetary Union

Authors

  • Bernadeta Baran Uniwersytet Ekonomiczny we Wrocławiu, Katedra Polityki Ekonomicznej i Europejskich Studiów Regionalnych, Komandorska 118/120, 53-345 Wrocław, Poland

DOI:

https://doi.org/10.12775/EQUIL.2012.020

Keywords

fiscal rules, deficit, debt, fiscal policy coordination

Abstract

Stability and Growth Pact is the main rule-based framework for the coordination of national fiscal policies in the economic and monetary union (EMU). It was established to safeguard sound public finances, an important requirement for EMU to function properly. Member states had a lot of determination before setting up a monetary union (nominal criteria were a condition to adopt common currency). In the next years, coordination of fiscal policy was not so successful. In many countries, revenues were temporarily boosted by tax-rich activity, while they didn’t restrict their expenditures. In most countries fiscal policy was pro-cyclical (not anti-cyclical) and they didn’t achieve their MTO. Financial crisis has sharpened budgetary problems in member states and showed the weakness of coordination rules.

References

Buti M., Eijffinger S., Franco D. (2005), The stability pact pains: a forward-looking assessment of the reform debate, Center for Economic Research, Tilburg University, Discussion Paper No. 2005–101.

Calmfors L. (2005), What Remains of the Stability Pact and what next?, Swedish Institute for European Policy Studies, No. 8

Feldstein M. (2005), The Euro and the Stability Pact, NBER Working Paper No. 11249.

Gros, D., Mayer T., Ubide A. (2004), The nine lives of the Stability and Growth Pact: A special report of the CEPS Macroeconomic Policy Group, Centre for European Policy Studies, Brussels.

Hallett H., Lewis J. (2005), European Fiscal Discipline Before And After EMU, Permanent Weight Loss Or Crash Diet? Vanderbilt University, Working Paper No. 05.

Momigliano S., Staderini A. (1999), A New Method of Assessing the Structural Budget Balance: Results for the Years 1995–2000, Indicators of structural budget balances, Banca D’Italia.

European Commission (2010), Council Decision of 13 December 1996 in accordance with Article 109 j (3) of the Treaty establishing the Cyclical Adjustment of Budget Balances, Autumn 2010.

European Community (1996), on entry into the third stage of economic and monetary union (96/736/EC).

European Commission (2010), General Government Data, Autumn 2010.

European Commission (2010), Cyclical Adjustment of Budget Balances, Autumn 2010.

EMI (1996) Progress towards convergence.

EMI (1998) Convergence Report.

Communication from the Commission, Enhancing economic policy coordination for stability, growth and jobs – Tools for stronger EU economic governance, Brussels 30 June 2010, COM (2010) 367.

Council Regulation 2223/96 of 25 June 1996 on the European system of national and regional accounts in the Community, Official Journal L 310/1.

Council Regulation 1055/2005 of 27 June 2005 amending Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies, Official Journal L 174/1.

Council Regulation 407/2010 of 11 May 2010 establishing a European financial stabilization mechanism, Official Journal L 118/1.

Equilibrium. Equilibrium. Quarterly Journal of Economics and Economic Policy

Downloads

  • PDF

Published

2012-06-10

How to Cite

1.
BARAN, Bernadeta. Effectiveness of Fiscal Policy Coordination Rules in the Monetary Union. Equilibrium. Equilibrium. Quarterly Journal of Economics and Economic Policy. Online. 10 June 2012. Vol. 7, no. 3, pp. 73-91. [Accessed 8 July 2025]. DOI 10.12775/EQUIL.2012.020.
  • ISO 690
  • ACM
  • ACS
  • APA
  • ABNT
  • Chicago
  • Harvard
  • IEEE
  • MLA
  • Turabian
  • Vancouver
Download Citation
  • Endnote/Zotero/Mendeley (RIS)
  • BibTeX

Issue

Vol. 7 No. 3 (2012)

Section

Policy and business cycles

Stats

Number of views and downloads: 295
Number of citations: 0

Search

Search

Browse

  • Browse Author Index
  • Issue archive

User

User

Current Issue

  • Atom logo
  • RSS2 logo
  • RSS1 logo

Newsletter

Subscribe Unsubscribe

Tags

Search using one of provided tags:

fiscal rules, deficit, debt, fiscal policy coordination
Up

Akademicka Platforma Czasopism

Najlepsze czasopisma naukowe i akademickie w jednym miejscu

apcz.umk.pl

Partners

  • Akademia Ignatianum w Krakowie
  • Akademickie Towarzystwo Andragogiczne
  • Fundacja Copernicus na rzecz Rozwoju Badań Naukowych
  • Instytut Historii im. Tadeusza Manteuffla Polskiej Akademii Nauk
  • Instytut Kultur Śródziemnomorskich i Orientalnych PAN
  • Instytut Tomistyczny
  • Karmelitański Instytut Duchowości w Krakowie
  • Ministerstwo Kultury i Dziedzictwa Narodowego
  • Państwowa Akademia Nauk Stosowanych w Krośnie
  • Państwowa Akademia Nauk Stosowanych we Włocławku
  • Państwowa Wyższa Szkoła Zawodowa im. Stanisława Pigonia w Krośnie
  • Polska Fundacja Przemysłu Kosmicznego
  • Polskie Towarzystwo Ekonomiczne
  • Polskie Towarzystwo Ludoznawcze
  • Towarzystwo Miłośników Torunia
  • Towarzystwo Naukowe w Toruniu
  • Uniwersytet im. Adama Mickiewicza w Poznaniu
  • Uniwersytet Komisji Edukacji Narodowej w Krakowie
  • Uniwersytet Mikołaja Kopernika
  • Uniwersytet w Białymstoku
  • Uniwersytet Warszawski
  • Wojewódzka Biblioteka Publiczna - Książnica Kopernikańska
  • Wyższe Seminarium Duchowne w Pelplinie / Wydawnictwo Diecezjalne „Bernardinum" w Pelplinie

© 2021- Nicolaus Copernicus University Accessibility statement Shop