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Christophe Schalck
''The European fiscal framework: What lessons can we learn from the crisis?''
( 2011, Vol. 31 No.1 )
This paper provides some explanation of recent fiscal developments in European countries and offers several guidelines for a new European fiscal framework. We propose a framework based on three pillars: a quantitatively and qualitatively extended preventive arm, an improved dissuasive arm and a financial arm that facilitates financial solidarity between member states, thus increasing the credibility of the euro area.
Keywords: Stability and Growth Pact, Fiscal policies, Sovereign default
JEL: E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General
H6 - National Budget, Deficit, and Debt: General
Manuscript Received : Sep 13 2010 Manuscript Accepted : Jan 19 2011

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