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Explaining the Divergence in German and French Public Finances

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  • Eisl Andreas

    (Jacques Delors Institute and Centre for European Studies and Comparative Politics, Sciences Po, Paris, France)

Abstract

In this contribution, I discuss the divergence of German and French public finances over the course of the last two decades. Major gaps in public deficit/debt levels and debt service costs have opened even under the presence of a common fiscal framework at the EU level. To explain these differences, I focus on three elements: the (non-)perception of budgetary and socio-economic crisis, differences in demographic conditions, and contrasting approaches towards the role of rules and expertise in fiscal policymaking. The contribution illustrates these points by providing two concise case studies on key developments in fiscal policymaking and institutions since the 1990s. I conclude with a brief reflection on German and French fiscal policymaking in the years to come.

Suggested Citation

  • Eisl Andreas, 2024. "Explaining the Divergence in German and French Public Finances," The Economists' Voice, De Gruyter, vol. 21(1), pages 191-202.
    • Handle: RePEc:bpj:evoice:v:21:y:2024:i:1:p:191-202:n:1008
    DOI: 10.1515/ev-2024-0018
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    More about this item

    Keywords

    fiscal policy; public debt; comparative political economy; eurozone;
    All these keywords.

    JEL classification:

    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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