
Almost-new fiscal rules for an old Europe
The proposed new fiscal rules may represent modest steps from the status quo. But they are in the right direction.
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Enrico D’Elia is an economist who has worked, among others, for Eurostat as well as the Ministry of Finance, the Statistical Office and the Institute for Economic Analysis of Italy. He has written about a hundred papers on macroeconomics, behaviour of firms and households, inflation and economic forecasting. The views expressed here are entirely his own.

The proposed new fiscal rules may represent modest steps from the status quo. But they are in the right direction.

With the post-Maastricht fiscal rules in abeyance due to the pandemic, it’s time to address their fundamental flaws.

Why do the Maastricht criteria compare budget deficits and public debt with GDP rather than budget revenues? That’s a good question.