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Volume 52, May/June 2017, Number 3 · pp. 148-154


European Fiscal Governance and Cyclical Stabilisation: Searching for a Lasting Arrangement

Nicolas Carnot

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.


This Intereconomics article is available for free at this page after an embargo period of two years. Reading it before June 2019 is possible via SpringerLink or in the next library.