What is new in the European fiscal framework under discussion?

Carolina Resende; Manoel Pires

doi:10.46551/epp2023v11n0205

Autores/as

Carolina Resende Fundação Getulio Vargas (FGV-IBRE) https://orcid.org/0000-0002-1767-7339
Manoel Pires Instituto Brasileiro de Economia da Fundação Getúlio Vargas – IBRE/FGV, Rio de Janeiro – RJ, Brasil. Faculdade de Economia da Universidade de Brasília – FACE/UnB, Brasília – DF, Brasil.Fundação Getulio Vargas (FGV-IBRE) https://orcid.org/0000-0002-1914-2004

DOI:

10.46551/epp2023v11n0205

Resumen

Resumo: A situação fiscal da Europa tem sido objeto de discussão devido à sua incapacidade de garantir índices de endividamento específicos e instrumentos adequados para lidar com eventos imprevistos. Os membros não conseguiram cumprir tanto as regras preventivas quanto corretivas. Em geral, as regras fiscais rígidas mostraram-se ineficazes na aplicação do cumprimento. Em vez disso, as discussões recentes evoluíram para favorecer parâmetros de médio prazo mais flexíveis, simples e específicos para cada país na condução da política fiscal. Este artigo apresentará os principais argumentos contra o atual quadro e a discussão recente sobre possíveis melhorias.

Palavras- chave: política fiscal, quadro fiscal europeu.

Abstract: The European fiscal framework has been under discussion because it was unable to guarantee targeted debt ratios and adequate instruments to deal with unanticipated events. Members failed to comply with both preventive and corrective rules. Overall, rigid fiscal rules have proven to be ineffective in enforcing compliance. Instead, recent discussions evolved to favour more flexible, simple, and country-specific medium-term parameters for conducting fiscal policy. This article will present the main arguments against the current framework and the recent discussion about possible improvements.

Key-words: fiscal policy, european fiscal framework

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Biografía del autor/a

Carolina Resende, Fundação Getulio Vargas (FGV-IBRE)

Associate researcher at Fundadção Getúlio Vargas - IBRE/FGV, PhD student in economics at UFRJ and economic advisor at the Chamber of Deputies.

Manoel Pires, Instituto Brasileiro de Economia da Fundação Getúlio Vargas – IBRE/FGV, Rio de Janeiro – RJ, Brasil. Faculdade de Economia da Universidade de Brasília – FACE/UnB, Brasília – DF, Brasil.Fundação Getulio Vargas (FGV-IBRE)

Associate researcher at IBRE/FGV and Professor at UnB and EPPG/FGV.

Citas

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