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The Return of Fiscal Policy and the Euro Area Fiscal Rule
Comparative Economic Studies Pub Date : 2020-07-06 , DOI: 10.1057/s41294-020-00122-3
Vítor Constâncio

The text describes the theoretical developments of the assignment rules regarding fiscal and monetary policies and the respective roles in macroeconomics stabilisation. Monetary policy emerged as the dominant policy, reducing the active macro-role of fiscal policy to taking care of debt sustainability. This consensus started to change, and a new view has appeared, giving a more active role to fiscal policy. The article concludes with a brief analysis of fiscal rules, followed by a discussion about the European Union fiscal framework, and its necessary revision.

中文翻译:

财政政策回归与欧元区财政规则

文本描述了财政和货币政策分配规则的理论发展以及各自在宏观经济稳定中的作用。货币政策成为主导政策,降低了财政政策在解决债务可持续性方面的积极宏观作用。这种共识开始发生变化,出现了新的观点,财政政策的作用更加积极。文章最后简要分析了财政规则,然后讨论了欧盟财政框架及其必要的修订。
更新日期:2020-07-06
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