ECB paper recommends central fiscal instrument

Governments’ ability to delay fiscal consolidation should be limited, researchers argue

ECB 2017

Researchers at the European Central Bank (ECB) have called for the European Union to create a permanent central fiscal capacity.

The European Commission had proposed a framework to consolidate eurozone spending in April 2023, aimed at replacing the EU’s current Stability and Growth Pact (SGP).

The proposal would create a single expenditure-based indicator for fiscal surveillance and readjustment requirements to analyse debt sustainability. It would also strengthen medium-term plans to provide

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