01865cas a2200277 a 4500 AALejournalIMF015237 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498338288 2617-6750 BD-DhAAL BD-DhAAL Andrle, Michal. Reforming Fiscal Governance in the European Union / Michal Andrle, John Bluedorn, Luc Eyraud, Tidiane Kinda. Washington, D.C. : International Monetary Fund, 2015. 1 online resource (28 pages) Staff Discussion Notes <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Successive reforms have brought many positive elements to the European Union's fiscal framework. But they have also increased its complexity. The current system involves an intricate set of fiscal constraints, which hampers effective monitoring and public communication. Compliance has also been weak. This note discusses medium-term reform options to simplify the framework and improve compliance. Based on model simulations and practical considerations, it argues for moving to a two-pillar approach, with a single fiscal anchor (public debt-to-GDP) and a single operational target (an expenditure growth rule, possibly with an explicit debt correction mechanism) linked to the anchor. Mode of access: Internet Bluedorn, John. Eyraud, Luc. Kinda, Tidiane. Staff Discussion Notes; Staff Discussion Notes ; No. 2015/009 Full text available on IMF http://elibrary.imf.org/view/journals/006/2015/009/006.2015.issue-009-en.xml IMF e-Library