European fiscal rules after the crisis

Par Jérôme Creel, Francesco Saraceno


The main purpose of this note is to question the relevance of trying to strengthen a fiscal framework which has been ineffective over the years; doing so, we compare the SGP with a possible alternative, a golden rule of public finance. We take the classification proposed by Kopits and Symansky (1998) as a benchmark. Our assessment shows that a golden rule would be superior to the actual EU fiscal framework. A counterfactual experiment does not contradict this outcome.
JEL codes: E61, H30, H60, H70


  • euro area
  • fiscal rule
  • golden rule
  • Stability and Growth Pact
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