Fiscal Policy in Economic and Monetary Union
Show Less

Fiscal Policy in Economic and Monetary Union

Theory, Evidence and Institutions

Marco Buti and Daniele Franco

This book explores the origins, rationale, problems and prospects of the European fiscal policy framework. It provides the reader with a roadmap to EMU’s budgetary framework by exploring its theoretical and empirical foundations, uncovering its historical roots and emphasising its supranational nature.
Buy Book in Print
Show Summary Details
You do not have access to this content


Marco Buti and Daniele Franco


1. The actual definition of this medium-term objective requires several factors to be taken into account; see the first part of section 3. 2. Say (1853), p. 483. 3. The Works and Correspondence of David Ricardo, P. Sraffa, ed. (1952–73), vol. IV, p. 197. 4. The Works and Correspondence of David Ricardo, P. Sraffa, ed. (1952–73), vol. IV, pp. 247–8. 5. Premchand (1983), p. 4. 6. Charles Dickens, David Copperfield. 7. U. Hicks relates this view to the objective of reducing the debt and taxation, to the prevailing favourable economic conditions and also to some difficulties in managing the budget. She notes the growth of administrative expertise in budgeting contributed to the development of a different approach in the 1930s. 8. Schumacher, while reporting these views, did not share them. 9. De Viti de Marco goes on to justify deficit finance as a less painful alternative to extraordinary taxation which may penalize liquidity constrained taxpayers. 10. Sir F. Phillips, writing in 1936, quoted in Middleton (1985), p. 82. 11. Memorandum by Keynes for the National Debt Enquiry, 21 June 1945, in Keynes (1971–89), vol. XXVII, pp. 406–7. On the UK experience, Clarke (1998) also notes that ‘in the best Gladstonian tradition . . . On the expenditure side, what mattered was expenditure above the famous “line” in the Exchequer accounts, dating from the Sinking Fund Act of 1875, broadly . . . distinguishing a revenue account from a capital account – but by no means unambiguously . . . Only an...

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.