Alternative Approaches to Fiscal Rules and Fiscal Stances in Europe
Fiscal stance | Debt consolidation | SECS-P/02 | E52 | H60
From Maastricht on, how did fiscal authorities (FAs) deal with the two objectives of output stabilization and debt consolidation?
To answer this question, we need a measure of the fiscal stance, in order to single out discretionary fiscal policy.
Fiscal stance = variation of the primary budget (fiscal impulse), to accomplish the target for total budget.