Public finance and fiscal policy

Focus

  • Making public finances more growth and equity-friendly in the euro area

    To achieve a euro area fiscal stance that fosters the recovery, countries with fiscal space under the Stability and Growth Pact rules should use budgetary support to raise growth, and existing incentives and flexibility should be taken advantage of to pursue reforms of tax and spending policies.

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  • Fiscal policy in the euro area: in the current juncture, don’t apply sanctions

    The European Commission will assess again the fiscal situation of Portugal and Spain, and decide whether to recommend to the Council that the Excessive Deficit Procedure be stepped up for those countries, exposing them to various sanctions.

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  • Monetary policy and inequality

    This paper analyses two-way interactions between monetary policy and inequality in selected advanced economies. In the context of a highly accommodative monetary stance over recent years, the analysis focuses on the effects of monetary policy on inequality over the business cycle via its impacts on returns on assets, the cost of debt servicing and asset prices.

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Finance and inclusive growth: How to restore a healthy financial sector that supports long-lasting, inclusive growth?

Over the past 50 years, credit by banks and other institutions to households and businesses has grown three times as fast as economic activity. At these levels, further expansion is likely to slow long-term growth and raise inequality.

Achieving prudent debt targets using fiscal rules

Debt targets can serve as a fiscal policy anchor to ensure the sustainability of fiscal policy and that there is sufficient policy room to cope with adverse shocks. Prudent debt targets provide the commitment tool that re-assures markets and thereby diminishes risk premia and the cost of active fiscal policy.

More reports

Vulnerability of Social Institutions

Choosing fiscal consolidation instruments compatible with growth and equity

Public Spending on Health and Long-Term Care

Less income inequality and more growth - Are they compatible?

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