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EU Fiscal Policy Coordination in Hard TimesFree Riders on the Storm$
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Charlotte Rommerskirchen

Print publication date: 2019

Print ISBN-13: 9780198829010

Published to Oxford Scholarship Online: March 2019

DOI: 10.1093/oso/9780198829010.001.0001

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Fiscal Policy Coordination

Fiscal Policy Coordination

A Primer

Chapter:
(p.14) 2 Fiscal Policy Coordination
Source:
EU Fiscal Policy Coordination in Hard Times
Author(s):

Charlotte Rommerskirchen

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198829010.003.0002

This chapter sets the scene for this study by providing historical context and introducing the key aspects, processes, and players of fiscal policy coordination. In so doing it charts key developments of pre-crisis fiscal policy coordination, before turning to the creation of the European crisis agreement, the European Economic Recovery Plan (EERP), and finally the reform packages post-crisis. Despite impressions to the contrary, the procedures for fiscal policy coordination are extensive, albeit enforced and reinforced with little political and legal power. Although there is persistent continuity for some ideas and procedures—the Stability and Growth Pact (SGP) and its fear of stability free riding chief among them—new innovations and reforms have made inroads.

Keywords:   fiscal policy coordination, Stability and Growth Pact, European Economic Recovery Pact, European Semester, Macroeconomic Imbalances Procedure

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