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dc.contributor.authorFARGNOLI, Raffaele
dc.date.accessioned2020-01-20T15:44:50Z
dc.date.available2020-01-20T15:44:50Z
dc.date.issued2020
dc.identifier.issn1028-3625
dc.identifier.urihttp://hdl.handle.net/1814/65770
dc.description.abstractReforming the Stability and Growth Pact is regarded by almost all accounts as a top priority, although finding a political agreement on a new model seems at this stage highly problematic. The widespread consensus on the need to modify current fiscal rules has triggered a wave of new studies and reform proposals. The aim of this paper is to reflect on whether it is possible to find an optimal design of fiscal rules to promote sound and effective fiscal policy conduct in the EMU in most circumstances. This question is discussed under three different dimensions: i) the political economy of fiscal rules in the current political and economic environment; ii) the renewed theoretical debate about fiscal policy roles and objectives; iii) the currently incomplete nature of the Economic and Monetary Union and the prospects for its completion. Drawing a number of conclusions from this conceptual framework, the paper suggests a pathway for an overhaul of the EU fiscal governance, based on a more cooperative approach between the EU and national governments, presenting general principles and more specific features.en
dc.format.mimetypeapplication/pdfen
dc.language.isoenen
dc.publisherEuropean University Instituteen
dc.relation.ispartofseriesEUI RSCASen
dc.relation.ispartofseries2020/03en
dc.subjectEU fiscal rulesen
dc.subjectEU fiscal policyen
dc.subjectEU economic governanceen
dc.subjectEMU deepeningen
dc.subject.otherCoFoEen
dc.subject.otherEconomyen
dc.titleAdapting the EU fiscal governance to new macroeconomics and political realitiesen
dc.typeWorking Paperen
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