Fiscal consolidation and reforms: Substitutes, not complements

Coen Teulings 13 September 2012

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Many OECD countries suffer from high sovereign debts. Sooner or later, this problem must be addressed. That will require some form of fiscal retrenchment.

Quite often the fiscal problems are due to market rigidities, barriers to entry, and distortive tax systems. A programme of reform must therefore include both fiscal consolidation and institutional reform to enhance future growth. Growth and the larger tax base that goes with it provides the best prospect for solving the fiscal problems.

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Topics:  Macroeconomic policy Taxation

Tags:  Institutional reform, fiscal crises, Fiscal retrenchment, austerity

A reflection on the G20 (The question never asked to Mr Zoellick)

Biagio Bossone 17 October 2009

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Last week, in Istanbul, on the occasion of the annual meetings of the IMF and the World Bank, I participated as a country official to the Small States Forum – the place where the smallest nations on earth meet to discuss economic policy issues of common interest. World Bank president Robert Zoellick intervened in one of the forum sessions for a brief presentation and a round of Q&A. I was ready to ask him a question, but the time was soon up after two distinguished speakers had filled it all with their (less than memorable) remarks.

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Topics:  Global governance

Tags:  Institutional reform, IMF, G20

The Report of the Manuel Committee on IMF Governance Reform: What’s good, what’s less good, and what’s missing?

Biagio Bossone 21 April 2009

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In recent years, especially since the start of the first global crisis of the new millennium, reforming the governance of global finance, particularly the Bretton Woods institutions, has attracted increasing attention from analysts and policymakers involved in international financial issues. The related debate hosted by Vox is a reflection of the broad range of views spanning the issue.

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Topics:  Global governance

Tags:  Institutional reform, IMF reform, global crisis debate, institution reform

A proposal to the members of the G20

Biagio Bossone 14 March 2009

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The increasingly painful international crisis demands that our world leaders rethink the very foundations of global economic governance. This is no longer the time for incrementally upgrading the international economic and financial “architecture”, but one of those historical junctures where true leadership should emerge and make possible a major overhaul of the existing architecture. It is not only a question of how to overcome the current crisis – however dramatically urgent that is – but to imagine the new governance model of the global economy that should come out from the crisis.

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Topics:  Global governance

Tags:  Institutional reform, IMF, global crisis debate, World Bank

Debating global financial governance on Vox: Where do we stand?

Biagio Bossone 18 February 2009

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As the G20’s April summit approaches, the debate on reform options needs to focus on the key issues that will be before the national leaders. At the invitation of Vox’s editors, I use this column to take stock of the proposals contributed so far to Vox’s Global Crisis Debate on how to reform international institutions to strengthen global financial governance. I hope not to do too much injustice to the many views expressed, and I apologise to the authors for inadvertent misrepresentations or neglect.

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Topics:  Global governance

Tags:  Institutional reform, IMF reform, global crisis debate, shares and chairs

EU Constitution and its replacement: an economist’s perspective, Part 1

Richard Baldwin 09 June 2007

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 The June 2007 Summit organised by the Germany Presidency of the EU will strive to revive the Constitutional Treaty, or parts of it. The goal is to set the agenda for a new Intergovernmental Conference that would draft a new treaty. Such agendas usually pre-determine much of the final outcome, so it is important to discuss now what any new treaty should look like.

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Topics:  EU institutions

Tags:  Constitutional Treaty, Europe, EU Constitution, Institutional reform, Council voting, EU