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France: Lessons from Past Fiscal Consolidation Plans

Author

Listed:
  • Mr. Edouard Martin
  • Mrs. Irina Yakadina
  • Ms. Irina Tytell

Abstract

This paper analyzes past fiscal consolidation plans and their outcomes in France. It covers the early attempts at fiscal consolidation in the 1970s and the 1980s (Plan Barre and Virage de la Rigueur), the first episode of medium-term fiscal consolidation in 1994-97 ahead of joining the European Economic and Monetary Union, and the fiscal consolidation under the corrective arm of the European Stability and Growth Pact in 2003-07. These experiences offer important lessons for the future, suggesting that binding constraints help focus policymakers’ attention and justify their actions; spending restraint needs to be shared and coordinated across all levels of government; and appropriate deficit targets could help in enforcing budgetary discipline in good times.

Suggested Citation

  • Mr. Edouard Martin & Mrs. Irina Yakadina & Ms. Irina Tytell, 2011. "France: Lessons from Past Fiscal Consolidation Plans," IMF Working Papers 2011/089, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2011/089
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    Citations

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    Cited by:

    1. Polterovich, V., 2015. "On the Formation of National Planning System in Russia," Journal of the New Economic Association, New Economic Association, vol. 26(2), pages 237-242.
    2. Polterovich, Victor, 2015. "О Формировании Системы Национального Планирования В России [On the Formation of National Planning System in Russia]," MPRA Paper 65169, University Library of Munich, Germany.
    3. Bouabdallah, Othman & Jacquinot, Pascal & Patella, Valeria, 2023. "Monetary/fiscal policy regimes in post-war Europe," Working Paper Series 2871, European Central Bank.
    4. Sébastien Charles & Thomas Dallery & Jonathan Marie, 2019. "Has French budgetary policy since the 1970s been truly Keynesian?," Review of Keynesian Economics, Edward Elgar Publishing, vol. 7(1), pages 75-93, January.

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