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Enhanced Fiscal Governance in the European Union: The Fiscal Compact

100%
Kukk M., Staehr K.
Baltic Journal of European Studies
|
2015
|
vol. 5
|
issue 1
73-92
EN
Several reforms aiming to strengthen budgetary discipline in the European Union have been implemented since the outbreak of the European debt crisis. Arguably the most important one is the Fiscal Compact, which stipulates that each signatory country must enshrine in domestic legislation an upper limit on the structural budget deficit, that is, the deficit after cyclical and other temporary factors have been excluded. This paper analyses the contents of the Fiscal Compact and discusses challenges for its implementation and efficacy. The conclusion is that the Fiscal Compact may be challenging to implement and enforce because the rules are very complex and require complicated calculations that are subject to very large forecasting uncertainty. The Fiscal Compact could, however, lead to a stronger national commitment to fiscal prudence.
2
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The fiscal balance dilemma of Italy: investigating economic stability and growth being put in jeopardy

88%
Gemen S.
Zeszyty Studenckie Wydziału Ekonomicznego „Nasze Studia”
|
2015
|
issue 7
11-19
EN
In the course of the economic crisis a number of austerity measures have been implemented in Italy in order to comply with requirements under the Stability and Growth Pact (SGP) and Fiscal Compact. These austerity measures are in line with the currently dominating perception in EU politics that fiscal consolidation is decisive in order to restore confidence in the markets and to help affected countries overcome the economic crisis. It was taken a close look at the costs and benefits of austerity measures in Italy and investigates their impact on the Italian economy. Using quantitative data from Eurostat it is also analysed whether a balanced budget and low levels of government debt are the keys to long-term economic stability and growth. The analysis finds that this perception is biased and neglects factors like foreign debt and current account deficits. Since the austerity measures had to be implemented in order to comply with SGP and Fiscal Compact, these two legal fiscal agreements have been described to. Moreover, it was examined whether the implemented austerity measures are effective and the least harmful way to stimulate economic growth in the long run. One the one hand, this paper shows that SGP and Fiscal Compact are vital tools to the survival of the eurozone. However, it has also emphasised that timing and severity of austerity measures is not based on a rational decision making process and that current austerity measures in Italy are therefore likely to impede economic growth rather than boosting it.
3

THE IMPACT OF THE EUROZONE’S CRISIS ON THE INSTITUTIONAL FRAMEWORK AND NATIONAL LAW OF MEMBER STATES – SOME CONSIDERATIONS

88%
Šišková N.
DANUBE: Law and Economics Review
|
2013
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vol. 4
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issue 4
293-300
EN
This article focuses on the Treaty on Stability, Coordination and Governance in Economic and Monetary union (the so-called Fiscal Compact Treaty). It especially analyses the selected provisions of this international contract instrument and considers its impact on European primary law and the national law of Member States. In this respect, issues relating to reverse majority voting are examined, de facto the new kind of judicial control, the new obligations for Member States concerning the modification of their legal orders, which were not envisaged by the Foundation Treaties, etc. Other key problems addressed in the article are connected with the future “destiny” of the Fiscal Compact Treaty, including two different scenarios: a) the incorporation of its material scope into primary law or b) termination of the legal force of this act after the expiration of a certain period of time.
4

Współpraca międzyparlamentarna w świetle art. 13. Traktatu o stabilności, koordynacji i zarządzaniu w Unii Gospodarczej i Walutowej

63%
Woźnicki T.
Przegląd Europejski
|
2015
|
issue 3(37)
132-149
PL
Artykuł opisuje najważniejsze zmiany, jakie dla współpracy międzyparlamentarnej w Unii Europejskiej przyniósł art. 13. Traktatu o stabilności, koordynacji i zarządzaniu w Unii Gospodarczej i Walutowej (tzw. Pakt fiskalny UE). Autor poddaje analizie ustalenia Konferencji Przewodniczących Parlamentów UE w Nikozji, z kwietnia 2013 r., w sprawie powołania nowej konferencji na podstawie art. 13. Traktatu oraz przedstawia wnioski z pierwszych dwóch lat jej prac. W szczególności odnosi się do problemu relacji między parlamentami narodowymi i Parlamentem Europejskim w kontekście powstania konferencji.
EN
The article presents the most important changes which were made to the EU inter-parliamentary cooperation by article 13 of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (so-called Fiscal Compact). Author analyses the decision made by the Conference of Speakers of the EU Parliaments in April 2013 in Nicosia establishing the new conference under article 13 of the Treaty and presents conclusions from the first two years of the functioning of the conference. In particular, the author refers to the relations between national parliaments and European Parliament in the context of the creation of this new inter-parliamentary body.
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