Abstract
An increasing number of statements – by economists, governments and even from the European Commission – argue that the euro zone’s present fiscal policy rules need to be changed. Naturally, deciding to change rules as soon as they become a constraint and a nuisance entails the risk of losing credibility. France and Germany may well see their fiscal deficits exceed 4% of GDP in 2003 and 2004. However, in this study, we would like to explore various approaches that could be used to replace the current rules by more sensible ones.
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