Mitchell, B., (2014), “Options for Europe – Part 40”, bilbo.economicoutlook.net, 6 Μαρτίου.
The Christophersen Report of August 1990, which expressed the European Commission’s own viewpoint on how economic and fiscal policies might be coordinated, concluded that there “does not need to be a single economic policy in the same way as for monetary policy, and correspondingly there is not the same need for institutional change” (European Commission, 1990: 21). They invoked the principle of ‘subsidiarity’ to justify this view, but, in reality, as we have seen, this principle had been usurped to advance the existing political and ideological preferences of the players involved. In terms of the need for ‘binding rules’ as in the Delors Plan, the Commission was less clear. They noted that one cannot really judge the “sustainability of the fiscal position … in isolation from an overall assessment of the economic situation and development” (European Commission, 1990: 24). In other words, imposing a ‘one-size-fits-all’ set of rules would likely be excessively punitive in certain circumstances. They instead advocated a system of ‘multilateral surveillance’ with the Ecofin at the helm to help coordinate economic policies to ensure they did not pose a “threat to monetary stability” (European Commission, 1990: 24). Within the system the ‘golden rule’ was proposed as the overarching framework for fiscal control.
Σχετικές Αναρτήσεις
- Dolls, Μ., Fuest, C., Neumann, D. and Peichl, A., (2014), “Fiscal Integration in the Eurozone: Economic Effects of Two Key Scenarios”, EUROMOD Working Paper 1/14, Ιανουάριος.
- Braconier, Η. and Pisu, M., (2014), “Roads to deeper European integration”, VoxEu, 20 Φεβρουαρίου.
- Spolaore, En., (2013), “What Is European Integration Really About? A Political Guide for Economists”, Journal of Economic Perspectives, Vol. 27, N.3, pp. 125-44.