Análisis de la propuesta del Tesoro Británico ¿fiscal stabilisation and emu¿ y de sus implicaciones para la política económica en la Unión Europea

Resumen

The British Treasury has recently proposed new fiscal rules as the best strategy to conduct fiscal policy in order to achieve stability of the economy on the long run. These rules apparently follow the time inconsistency and rational expectation hypotheses in designing the economic policy framework. But, this is not the case. Far from the classical paradigm, these are "new" active fiscal rules which assign to the fiscal policy an explicit role in stabilising the output around the potential of the economy (or the output gap). In this work, firstly, the elements that define these new fiscal rules are identified and analysed; and, secondly, the proposal of the British Treasury (2003) is evaluated in detail. This comprises the evaluation of its unavoidable operational problems, and the analysis of the incompatibility of its targets and procedures in achieving price and output stability on the long run.