FISCAL POLICY OF THE EUROPEAN UNION. THE ROLE OF THE EUROPEAN FISCAL BOARD

Fiscal discipline has always been considered a necessary prerequisite for the orderly functioning of a monetary union geared towards price stability. However, there is no consensus about which is the most appropriate policy mix to achieve it: the debate on fiscal austerity vs. growth is bitter now among researchers and international policymakers. In this paper we review the effects of different fiscal policies from the European Fiscal Board perspective.