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ESM Discussion Paper 17: "EU fiscal rules: reform considerations"


Title: EU fiscal rules: reform considerations

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AuthorsOlga FrancováErmal HitajJohn GoossenRobert Kraemer, Andreja Lenarčič, and Georgios Palaiodimos

Note: Andreja Lenarčič and Georgios Palaiodimos contributed to this paper when employed at the ESM.

This paper discusses the EU fiscal framework reform. It reviews the EU fiscal governance history and reforms, and identifies key challenges. It then takes stock of reform proposals made so far, and finally formulates a reform idea that reconciles the post-pandemic macroeconomic context with existing contributions by leading economists and institutions.


The views expressed by the authors of this discussion paper do not necessarily represent those of the ESM, the Bank of Greece, the IMF or their policies. The views presented are those of the authors and should not be attributed to IMF staff, management, or Executive Board. No responsibility or liability is accepted by the ESM in relation to the accuracy or completeness of the information, including any data sets, presented in this paper.

Source: European Stability Mechanism | Discussion Paper Series | Volume 2021 no. 17 | October 2021 | 40 Pages

Copyright © European Stability Mechanism, 2021| All rights reserved. Any reproduction, publication and reprint in the form of a different publication, whether printed or produced electronically, in whole or in part, is permitted only with the explicit written authorisation of the European Stability Mechanism.


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