期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2011
出版社：European Central Bank
摘要：The sovereign debt crisis in the euro area is a symptom of policy failures and defi ciencies in – among other things – fi scal policy coordination. The fi rst nine years of the euro were not used effectively in order to improve public fi nances, while the Stability and Growth Pact was watered down. Spillovers from the fi nancial and economic crisis compounded fi scal diffi culties in the euro area, especially in certain member countries. This paper looks back at the history of fi scal policies and rules in Economic and Monetary Union (EMU). It makes proposals to strengthen fi scal policy governance that go well beyond the legislation set to be adopted in autumn 2011. The authors consider these additional governance measures to be essential for effective policy coordination and sound public fi nances in the future.
关键词：fi scal rules; Stability and Growth;Pact; fi scal defi cits; public debt; EU institutional;reform.
