Avanzi di bilancio e deficit di democrazia nel nuovo patto fiscale dell’EU

12/03/2013 § Leave a comment

The paper describes and discusses the agreement between the European leaders on the new Treaty on Stability, Coordination and Governance, aimed at strengthening fiscal discipline and introducing more automatic sanctions and stricter surveillance within the Euro area. Moments of steadfast commitment to fiscal discipline are certainly not new, but such a stubborn application of the idea that the public budget should produce surpluses, apart from the recessionary effects thus fed, is undoubtedly an unprecedented fact, which inevitably raises the problem of the democratic legitimacy of the institutions responsible for the conduct of fiscal policy in Europe. After reviewing the overall structure of the new European governance and the main contents of the new Stability Pact, the paper analyzes the significance of the structural budget balance, identifying its fundamental limit in the fact that it conceives growth as independent of demand conditions. The paper then deals with the sus- tainability of public finances, focusing on the relationship between the interest rate and the growth rate. The article concludes on the relationship between public surpluses and deficits of democracy and its resilience in the longer term pdf


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