This book examines key aspects of the measurement of fiscal policy making in the EU fiscal surveillance framework, highlighting strengths and weaknesses of current assessment practice.
Based on the proceedings of a workshop organized by the European Commission’s Directorate-General Economic and Financial Affairs, the book’s contributions from leading experts will be of particular value to individuals and institutions involved in the fields of national and international economics and finance.
1. Introduction Part I "Long-term Sustainability" 2. A Further Inquiry about the Sustainability of Fiscal Policy in the EU 3. Unfunded Obligation Measures for EU Countries Part II "Measurement of the Underlying Budgetary Position and Discretionary Fiscal Policy" 4. Budget Balances Decomposed: Tracking Fiscal Policy in Austria 5. The Dynamic Behaviour of Budget Components and Output – the Cases of France, Germany, Portugal and Spain Part III "Reliability of Fiscal Indicators" 6. The Reliability of EMU Fiscal Indicators: Risks and Safeguards 7. Uncertainty Bounds for Cyclically Adjusted Budget Balances.