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- Calmfors, Lars
(författare)
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Fiscal Policy Coordination in Europe
- 2010
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- A fundamental overhaul of EU economic governance is needed. The most important reform is a strengthening of national fiscal frameworks, including the establishment of independent fiscal watchdogs in Member States that do not yet have such institutions. At the European level, a permament crisis resolution mechanism should be integrated with both broader macroeconomic surveillance and the sanction system. An independent European fiscal council could, based on macroeconomic risk considerations, decide in advance appropriate haircuts in the event of future sovereign debt restructuring.
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- Calmfors, Lars
(författare)
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The Role of Independent Fiscal Policy Institutions
- 2010
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The paper analyses how independent fiscal watchdogs (fiscal policy councils) can strengthen the incentives for fiscal discipline. Several countries have recently established such institutions. By increasing fiscal transparency they can raise the awareness of the long-run costs of current deficits and increase the reputational costs for governments of violating their fiscal rules. Councils that make also normative judgements, where fiscal policy is evaluated against the government's own pre-set objectives, are likely to be more influential than councils that do only positive analysis. To fulfil their role adequately, fiscal watchdogs should be granted independence in much the same way as central banks. There are arguments both in favour and against extending the remit of a fiscal policy council to include also tax, employment and structural policies. Whether or not this should be done depends on the existence of other institutions making macroeconomic forecasts and analysing fiscal policy, the existence of institutions providing independent analysis in other economic policy areas, and the severity of fiscal problems.
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- Calmfors, Lars
(författare)
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The Swedish Fiscal Policy Council : Experiences and Lessons
- 2010
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The Swedish Fiscal Policy Council, established in 2007, has small resources but a broad remit. In addition to monitoring the long-run sustainability of fiscal policy, the council evaluates the short-run fiscal stance from a cyclical perspective. The council also analyses long-run employment and growth developments. Another task is to evaluate the motives, explanations and research basis for government policies. There is no unique best set-up of a fiscal policy council. Instead, it has to be adapted to the special characteristics of each country. The set-up of the Swedish council appears consistent both with the pre-existing institutional framework, with also other bodies making detailed budget evaluations and macroeconomic forecasts, and with a strong tradition of academic participation in the policy debate. The broad remit could lead to less focus on the fiscal watchdog role. On the other hand, the council plays a "supervicory" role in the general economic policy debate, helping to raise the standards of the doscussion, which is a fundamental democratic objective.
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- Calmfors, Lars
(författare)
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Turbulensen kräver mer
- 2011
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Ingår i: Dagens Nyheter. - Stockholm : Bonnier. ; 2011-12-10
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Tidskriftsartikel (populärvet., debatt m.m.)
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