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Will the national ‘golden rule’ eclipse the EU fiscal norms?

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Eurozone countries have recently agreed to adopt a ‘golden rule’ for fiscal policy, forcing governments to be stricter about balancing their books. This column compares the golden rule to existing EU fiscal policies. It argues that the successful implementation of the golden rule would overturn much of the existing economic governance in the Eurozone to become the main determinant of fiscal discipline.
in, Spring 2012.
(Photo credit: Images of Money, Flickr )