000			01870nab a2200277 c 4500
999			_c148800 _d148800
003			ES-MaIEF
005			20240119112950.0
007			ta
008			240119t2023 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100	1		_971351 _aMenguy, Séverine
245		0	_aLimiting public expenditure to ensure public debt sustainability in the EMU _c Séverine Menguy
500			_aResumen.
504			_aBibliografía.
520			_aIn the European Economic and Monetary Union, the fiscal background must ensure the sustainability of the public debt, but fiscal policies must also keep enough flexibility to stabilize global economic activity in case of large shocks, as the common monetary policy becomes less efficient. In the prospect of a reform of the Fiscal Compact after the standby of European fiscal rules with the COVID-19 health crisis, and in conformity with theoretical studies underlying the advantages of such rules, the current paper suggests a rule related to nominal public expenditure excluding interest rates, with a debt feedback mechanism to ensure the sustainability of the public debt path. According to this rule, it appears that six Economic and Monetary Union member countries are particularly highly indebted and should probably control and reduce their public expenditure in order to make their public debt sustainable: France, Spain, Italy, Belgium, Portugal, and Greece.
650		4	_942647 _aDEUDA PUBLICA
650		4	_aGASTO PUBLICO _944787
650		4	_948220 _aREDUCCION
650			_aPRESUPUESTOS _948131
650		4	_aSOSTENIBILIDAD FISCAL _965441
650			_aPOLITICA FISCAL _948067
650		4	_aUNION ECONOMICA Y MONETARIA _948643
650		4	_aUNION EUROPEA _948644
773	0		_9171000 _oOP 581/2024/1 _tPublic Finance Review _w(IEF)21382 _x 0048-5853 _g v. 52, n. 1 January 2024, p. 78-110
942			_cART