The long-lasting post-covid symptom
The case for the EU fiscal rules reform
Bibliographic Data
| ID | 13112528 |
|---|---|
| Authors | Mihajlo Babin (0000-0002-6069-6332, Metropolitan University, corresponding author), Iva Ivanov, Miloš Erić (0000-0002-5557-9393) |
| Year | 2022 |
| Volume | 13 |
| Issue | 1 |
| Pages | 76-92 |
| Publication date | 2022-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Pravni zapisi (JOURNAL) |
| Journal identifiers | ISSN: 2406-1387 • E-ISSN: 2217-2815 |
| Publisher | Faculty of Agronomy in Čačak (PUBLISHER • RS) |
| DOI | 10.5937/pravzap0-37462 |
| OpenAlex | W4289912291 |
| Language | EN |
| References cited | 12 |
The paper investigates compliance with the EU fiscal rules in the period 1992-2020. The EU fiscal rules are prescribed as guidelines and represent a typical example of the soft law approach. The negative impact of the soft law approach is more visible after the periods of economic crisis (2008-2009; 2020-2022). The non-compliance with the prescribed ceilings on the level of the budgetary deficit and public debt create instability and various adverse economic effects. In the paper it is shown that existing rules are not adequate for the job they were made for. It is shown that the design and enforcement of the rules are poor, and that actually the European Commission, the watchdog, is in fact a toothless dog. The goal of the paper is to present potential reform alternatives with the aim to contribute to the reestablishment of the sound fiscal framework in the EU. The paper is concluded with the proposal of a completely new approach for the fiscal rules reform - Growth-Enhancement Fiscal Policy Switch (GEFPS)
Business · Commission · Compliance (psychology · Coronavirus disease 2019 (COVID-19 · Debt · Economic policy · Economics · Enforcement · European commission · European union · Fiscal policy · Fiscal union · Macroeconomics · Member states · Political science · Soft law · Stability and Growth Pact · European Monetary and Fiscal Policies · Fiscal Policies and Political Economy · Law · Local Government Finance and Decentralization · Medicine · Finance
| Citation velocity | historical |
|---|---|
| Highly cited | No |