Europe Needs a New Fiscal Framework
Even before the COVID-19 pandemic, the European Union's fiscal rules were excessive and increasingly unworkable, reflecting the motives of distrustful member states more than economic common sense. If there is a silver lining to this crisis, it lies in the opportunity to debate and develop a new blueprint.
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PARIS – In the mid-1980s, only seven countries had fiscal rules. In 2015, when the International Monetary Fund last counted, 96 did. Most had provisions limiting public debt, budget deficits, or both, and some had additional rules on public expenditures.