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EU Leaders Struggle to Fix Fiscal Policy Rules

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Ed Dolan
Ed Dolan

EU leaders met in late 2010 to discuss changes to the fiscal policy rules for eurozone countries in response to debt crises. The existing 3% deficit and 60% debt rules did not prevent crises and failed to provide early warnings. Proposals for a permanent bailout fund, increased penalties for rule violations, and imposing "haircuts" on bondholders faced objections and were not adopted. The leaders agreed new rules were needed but did not yet find a solution that would adequately address the underlying problem of countries acting as fiscal free riders within the eurozone.

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Free Slides from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ EU Leaders Struggle to Fix Fiscal Policy Rules Post prepared November 1, 2010 Terms of Use: These slides are made available under Creative Commons License Attribution—Share Alike 3.0 . You are free to use these slides as a resource for your economics classes together with whatever textbook you are using. If you like the slides, you may also want to take a look at my textbook, Introduction to Economics , from BVT Publishers.
EU Leaders Meet on Fiscal Policy Rules ,[object Object],[object Object],[object Object],Post P101101 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ The European Union consists of 27 member countries, 16 of which use the euro as their common currency. In 2011, Estonia, already an EU member, will become the 17 th member of the euro area Map source; http://commons.wikimedia.org/wiki/File:Eurozone_map-2009.svg
What is the Free Rider Problem? ,[object Object],[object Object],[object Object],Post P101101 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ Photo: http://commons.wikimedia.org/wiki/File:Caprice_Restaurant.JPG
Countries with their own currencies ,[object Object],[object Object],[object Object],Post P101101 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ Sweden is a member of the EU but retains its own currency, the kronor Photo by Emil Frisk, http://en.wikipedia.org/wiki/File:Svenska_hundrakronorssedlar.JPG
Countries with shared currencies ,[object Object],[object Object],[object Object],[object Object],Post P101101 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ The euro is an example of a common currency shared by several independent countries
The 3/60 rules have not Worked Well ,[object Object],Post P101101 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
The 3/60 rules do not give good early warning ,[object Object],Post P101101 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
Proposal: Establish a Permanent Bailout Fund ,[object Object],[object Object],Post P101101 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ ,[object Object],[object Object],[object Object]
Proposal: Increase Penalties for Violating Budget Rules ,[object Object],[object Object],Post P101101 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ ,[object Object],[object Object],[object Object],[object Object]
Proposal: Force Bondholders to Share the Cost of Bailouts ,[object Object],[object Object],Post P101101 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ ,[object Object],[object Object],[object Object]
What the Summit Decided to Do ,[object Object],[object Object],Post P101101 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ ,[object Object],[object Object],[object Object],[object Object]
The Bottom Line: Problem Not Yet Solved ,[object Object],[object Object],[object Object],Post P101101 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/

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EU Leaders Struggle to Fix Fiscal Policy Rules

  • 1. Free Slides from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ EU Leaders Struggle to Fix Fiscal Policy Rules Post prepared November 1, 2010 Terms of Use: These slides are made available under Creative Commons License Attribution—Share Alike 3.0 . You are free to use these slides as a resource for your economics classes together with whatever textbook you are using. If you like the slides, you may also want to take a look at my textbook, Introduction to Economics , from BVT Publishers.
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