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Should Advanced Countries Adopt a Fiscal Responsibility Law? Ian Lienert

Should Advanced Countries Adopt a Fiscal Responsibility Law?

Ian Lienert

Published November 1st 2010
ISBN : 9781283568500
ebook
47 pages
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 About the Book 

Fiscal Responsibility Laws (FRLs) appear to be more popular in middle-income countries than advanced countries, even though their success is limited. The reasons why few advanced countries have a FRL include: the existing legal framework for the budget system is adequate- supranational rules and political agreements in EU countries- failed attempts to include quantitative fiscal rules in laws- lack of consensus or interest in attaining the goals of FRL-type legislation- and lack of need for a law to regulate fiscal transparency, accountability and macro-fiscal stabilization. Without commitment to fiscal discipline, adoption of a FRL may not contribute to attaining fiscal consolidation goals.