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Stable and enforceable: a new fiscal framework for the Euro area

机译：稳定和可执行：欧元区新的财政框架

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摘要

Since the great financial crash, the need for new fiscal rules to prevent unsustainable fiscal policies is universally recognised. In practice such rules, including those in the Stability and Growth Pact, have proved to be impossible to enforce. Thus, to avoid unsustainable fiscal policies reappearing, and to prevent monetary policy from being undermined by undisciplined governments, there is a need for a framework capable of imposing fiscal discipline. This paper considers an intertemporal assignment, where fiscal policy focuses on long-term objectives and monetary policy on short-term stabilisation. We argue for public sector debt targets as a practical way to achieve such a set up, and an excess debt protocol is constructed to give enforceable form to those targets. The ideas of "fiscal space" and optimal debt levels are used to provide a mechanism for identifying a stable region within which the debt targeting regime should operate. Making these factors explicit would both improve the credibility of planned fiscal policies and reduce risk premia on borrowing costs. We finally show how Europe's competitiveness pact, and debt restructuring operations, can be used to maximise the available fiscal space.
机译：由于严重的金融危机，人们普遍认识到需要制定新的财政规则以防止不可持续的财政政策。在实践中，包括《稳定与增长公约》中的那些规则已被证明无法执行。因此，为了避免出现不可持续的财政政策，并防止不受纪律的政府破坏货币政策，需要一种能够实行财政纪律的框架。本文考虑了一个跨期任务，其中财政政策侧重于长期目标，货币政策侧重于短期稳定。我们主张将公共部门的债务目标作为实现这一目标的实用方法，并构建了超额债务协议以为这些目标提供可强制执行的形式。 “财政空间”和最佳债务水平的思想被用来提供一种机制，用于确定目标债务制度应在其中运作的稳定区域。明确说明这些因素，既可以提高计划的财政政策的可信度，又可以减少借贷成本的风险溢价。最后，我们将展示如何利用欧洲的竞争力协定和债务重组业务来最大化可用的财政空间。

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