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1 janvier 2021
- handle: 10670/1.gm0lhh
- hal: hal-03363670
info:eu-repo/semantics/OpenAccess
Mots-clés
fiscal policy public debt fiscal governance European Union E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E62 - Fiscal Policy F - International Economics/F.F4 - Macroeconomic Aspects of International Trade and Finance/F.F4.F42 - International Policy Coordination and Transmission H - Public Economics/H.H6 - National Budget, Deficit, and Debt/H.H6.H60 - General H - Public Economics/H.H6 - National Budget, Deficit, and Debt/H.H6.H61 - Budget • Budget Systems H - Public Economics/H.H6 - National Budget, Deficit, and Debt/H.H6.H63 - Debt • Debt Management • Sovereign DebtSujets proches
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Jérôme Creel, « Establishing a fiscal dialogue in Europe », Archive ouverte de Sciences Po (SPIRE), ID : 10670/1.gm0lhh
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Résumé
In this contribution, I use the Fiscal theory of the price level as a backdrop for a discussion on the risks that expansionary fiscal policies may pose on debt sustainability. I recall that a regime of fiscal dominance does not lead to macroeconomic instability. I also review a few empirical papers on fiscal sustainability and I conclude, also based upon own estimates, that it is not a major concern, at least in the short to mid-run. Finally, I argue that Europeans should continue on the fiscal impetus they contributed to in 2020 by fostering coordination and transparency on EU fiscal policies. To achieve this objective, I revisit the idea of an enhanced dialogue on fiscal matters at the European Parliament and propose to establish a Fiscal Dialogue with the EU Member States.