ECB paper examines shifts in fiscal regimes

European Central Bank at night

The UK, Germany and Italy have all experienced fiscal regime shifts – where there is a change between whether the fiscal or monetary authority is responsible for debt stabilisation – since the 1970s, according to a working paper published today by the European Central Bank.

The paper – Fiscal Regimes in the EU, by António Afonso and Priscilla Toffano – finds that all three countries experienced fiscal regime shifts between the 1970s and 2010, but some were more clear-cut than others.

The authors

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