Volume 52, May/June 2017, Number 3 | pp. 148-154
European Fiscal Governance and Cyclical Stabilisation: Searching for a Lasting Arrangement
A perennial issue in European fiscal arrangements has been to find an admissible balance between disciplining rules and cyclical stabilisation concerns. Starting from a brief assessment of the present rules-based framework in this respect, this piece stresses that the possible addition of a common stabilisation capacity has to be considered in deep connection with (possibly revised) fiscal rules. Some recommendations of appropriate design are also offered.
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