Fiscal Rules in the EU after the crisis [antikvár]

The number of countries using fiscal rules, similarly to the number of fiscal rules adopted by countries all over the world, has been permanently increasing in the last thirty years or so (IMF 2017). The use of fiscal rules came into fashion in the late eighties and early nineties, and were frequently adopted throughout the world up until the eruption of the global financial and economic crisis. As a consequence of the crisis, Kéynesian demand management called for a suspension of fiscal rules in many countries. Yet, surprisingly, the expansion of fiscal rules did not come to a halt after the crisis. Imposing numerical constraints on fiscal profligacy has become part of the exit strategy of many economies, as a move from demand management to normalcy." (Fiscal rules in crisis management: An interest-based approach by István Benczes — Institute of World Eco-nomy, Corvinus University of Budapest)