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• W2181377377 abstract "The build-up of severe macroeconomic, financial and fiscal imbalances within the euro area, and the following sovereign debt crisis in several euro area countries resulted in the most comprehensive set of governance reforms at the European level since the introduction of the single currency. Against this background, this paper reviews and assesses the key changes of the EU fiscal governance framework. The paper concludes that the reforms of EU fiscal governance represent welcome steps in the right direction. However, the framework’s effectiveness and credibility remain subject to a strict implementation of fiscal policy surveillance by the Commission and a limited use of political discretion by the Council, it does not effectively ensure downward debt trajectories and it continues to lack instruments for situations in which Member States refuse to comply with the rules. Looking further ahead, more ambitious steps towards improving the EU fiscal governance framework, in particular for euro area countries, will be necessary to address the remaining shortcomings and to realise a quantum leap – making the fiscal framework fully commensurate to the requirements of the single currency." @default.
• W2181377377 created "2016-06-24" @default.
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• W2181377377 date "2013-01-01" @default.
• W2181377377 modified "2023-09-27" @default.
• W2181377377 title "THE NEW EU FISCAL GOVERNANCE FRAMEWORK: A QUANTUM LEAP OR ONLY SMALL STEPS AHEAD?" @default.
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