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Journal articles

Politiques budgétaires : l’Europe empactée

Abstract : A loosening of the monetary stance and a strong fiscal impulse have favoured upturn of the US economy in 2003. The pro-cyclical fiscal stance will be maintained in 2004, supporting the reduction of the output gap. The worsening of public deficit will stop in 2005 under the effect of higher tax revenues. In the euro zone most countries reacted to tighter monetary conditions with a pro-cyclical fiscal policy during stagnation. Nevertheless public deficits increased and budgetary positions deviated from those announced in the Stability Programmes, mainly as a result of the deterioration of their cyclical component. In 2004 and 2005 macroeconomic policy conditions will remain unsupportive of growth, which will attain its potential pace only in 2005. The absence of accommodative fiscal and monetary impulses will not hinder an increasing number of countries from exceeding the 3% reference value.
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Submitted on : Tuesday, November 30, 2021 - 10:18:16 PM
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Elena Stancanelli, Valerie Chauvin, Guillaume Chevillon, Odile Chagny, Hélène Baudchon, et al.. Politiques budgétaires : l’Europe empactée. Revue de l'OFCE, Presses de Sciences Po, 2004, pp.145 - 161. ⟨10.3917/reof.089.0143⟩. ⟨hal-03458744⟩



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