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Reducing Implicit Liabilities: The New Stability Pact Will (Moderately) Help

Author

Listed:
  • Buti Marco

    (Europäische Kommission, B-1049 Bruxelles)

  • Martins João Nogueira

    (Europäische Kommission, Directorate Economies of the Member States, Office: BU-1 01/166, Rue de la Loi, 200, B-1049 Brussels)

Abstract

The EU fiscal framework has often been criticised for not providing Member States with the right incentives to adopt structural reforms which would reduce implicit liabilities and improve sustainability. The Pact, as reformed in 2005, now includes a number of provisions that explicitly consider sustainability and the need of Member States of embarking in bold structural measures that contribute to reduce their implicit liabilities. The pressure for short-term consolidation in SGP-I has, in part, shifted towards structural reforms. Overall, the reformed SGP will moderately help Member States in adopting structural reforms and reducing their implicit liabilities.

Suggested Citation

  • Buti Marco & Martins João Nogueira, 2006. "Reducing Implicit Liabilities: The New Stability Pact Will (Moderately) Help," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 55(3), pages 288-304, December.
    • Handle: RePEc:lus:zwipol:v:55:y:2006:i:3:p:288-304:n:4
    DOI: 10.1515/zfwp-2006-0304
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    Citations

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    Cited by:

    1. Roel Beetsma & Heikki Oksanen, 2007. "Pension Systems, Ageing and the Stability and Growth Pact," European Economy - Economic Papers 2008 - 2015 289, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    2. Roel Beetsma & Heikki Oksanen, 2008. "Pensions under Ageing Populations and the EU Stability and Growth Pact ," CESifo Economic Studies, CESifo Group, vol. 54(4), pages 563-592, December.
    3. Heikki Oksanen, 2009. "Setting targets for government budgets in the pursuit of intergenerational equity," European Economy - Economic Papers 2008 - 2015 358, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.

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