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Jan, Priewe. (2021) Reforming the Fiscal Rulebook for the Euro Area – and the Challenge of Old and New Public Debt.
In: IMK Studies. RePEc:imk:studie:72-2021.
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The authors plea for a simple hierarchy of rules. The debt rule should be a long-term “debt anchor”. Without reasoning, the 60% target is implicitly accepted, but it is mentioned that having only one debt target for all EU MS lacks an economic basis (Eyraud/Wu 2015, 30). Furthermore, there should only be one operational rule, preferably a medium-term expenditure rule linked to the debt target. It is not clear which expenditures should be focussed on; from an analytical point of view, it could only be primary structural spending which excludes interest payments which cannot be influenced by governments. They are fixed costs for the MS.
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