20220904-IMF-Reforming_the_EU_Fiscal_Framework_Strengthening_the_Fiscal_Rules_and_Institutions_49页_6mb
报告摘要
- Risk-Based Fiscal Rules: Proposes linking consolidation speed to fiscal risk assessments, with the 3% deficit and 60% debt targets remaining but supplemented by country-specific requirements.
- National Fiscal Councils (NFCs): Strengthened roles for NFCs, including independent forecasts and sustainability assessments, now under a new independent European Fiscal Council (EFC).
- EU Fiscal Capacity (FCEU): A joint EU fund for stabilization, common public goods (e.g., climate investments), and supporting fiscal rules implementation, funded by debt issuance.
- Institutional Changes: EU directives to set minimum standards for NFCs, peer networks for fiscal oversight, and preservation of the European Commission's surveillance role.
- Implementation Challenges: Requires balancing national ownership and externalities, improving fiscal data quality, and addressing lack of implementation through credible rules and institutions.
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