France: Lessons from Past Fiscal Consolidation Plans

WPIEA2011089 Image
Price:  $18.00

Author/Editor: Irina Yakadina, Edouard Martin, Irina Tytell
Release Date: © April, 2011
ISBN : 978-1-45523-315-1
Stock #: WPIEA2011089
English
Stock Status: On back-order

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Description

This paper analyzes past fiscal consolidation plans and their outcomes in France. It covers the early attempts at fiscal consolidation in the 1970s and the 1980s (Plan Barre and Virage de la Rigueur), the first episode of medium-term fiscal consolidation in 1994-97 ahead of joining the European Economic and Monetary Union, and the fiscal consolidation under the corrective arm of the European Stability and Growth Pact in 2003-07. These experiences offer important lessons for the future, suggesting that binding constraints help focus policymakers’ attention and justify their actions; spending restraint needs to be shared and coordinated across all levels of government; and appropriate deficit targets could help in enforcing budgetary discipline in good times.

Taxonomy

Economic policy , Fiscal policy




More publications in this series: Working Papers


More publications by: Irina Yakadina ; Edouard Martin ; Irina Tytell