2012年-ECB欧洲央行_Main_elements_of_the_fiscal_compact_2页_205kb

Box 12: Main Elements of the Fiscal Compact

Core Content

The Fiscal Compact, formalized in the "Treaty on Stability, Coordination and Governance in the Economic and Monetary Union" (TSCG), was agreed upon at the EU summit on 30 January 2012 and signed on 2 March by all EU member states except the United Kingdom and the Czech Republic. It represents a significant step towards establishing a fiscal stability union within the euro area, aiming to enhance fiscal governance and address the limitations of the Stability and Growth Pact (SGP).

Main Elements

1. Mandatory Balanced Budget Rule

• Objective: To ensure that general government budgets are balanced or in surplus.
• Structural Balance: A country is considered compliant if its annual structural balance meets its country-specific medium-term objective and does not exceed a structural deficit of 0.5% of GDP.
• Flexibility: If government debt is significantly below 60% of GDP and long-term fiscal risks are low, the structural deficit can be as high as 1% of GDP.
• Convergence: Countries with structural balances not aligned with the medium-term objective must ensure rapid convergence towards it, with the European Commission defining the time frame.
• Deviation: Temporary deviations from the medium-term objective are allowed in exceptional circumstances, such as unusual events or severe economic downturns.
• Correction Mechanism: An automatic correction mechanism is triggered if a country's structural balance deviates significantly from its objective. The European Commission proposes the nature, size, and time frame of corrective actions, ensuring national institutions remain independent and accountable.

2. Strengthening of the Excessive Deficit Procedure

• Commitment: Euro area countries agree to support ECOFIN Council recommendations from the European Commission regarding excessive deficits, unless opposed by a qualified majority.
• Automaticity: This increases the automaticity of the excessive deficit procedure, making it more predictable and enforceable.
• Partnership Programme: Countries under an excessive deficit procedure must implement a budgetary and economic partnership programme to correct deficits in a sustainable and effective manner.

3. Debt Reduction Benchmark

• Debt Target: The fiscal compact sets a numerical benchmark for government debt reduction for countries with debt exceeding 60% of GDP.
• Reduction Rate: The difference between the debt-to-GDP ratio and 60% must be reduced at an average rate of one-twentieth per year.
• Legal Status: This benchmark is elevated to the level of primary law, making it more binding and enforceable.

4. Public Debt Issuance Plans

• Transparency: Member states are required to report ex ante on their public debt issuance plans.
• Coordination: This promotes coordination of financing strategies across the euro area, helping to avoid market disruptions and ensure more stable public debt management.

Key Information

• The fiscal compact is a key component of the TSCG, which also includes provisions for economic policy coordination and strengthened governance of the euro area.
• It aims to anchor fiscal discipline in the euro area and enhance credibility of the fiscal governance framework.
• The treaty will enter into force once ratified by at least 12 euro area countries.
• Member states must transpose the fiscal compact’s provisions into national law, preferably at the constitutional level, within one year of the treaty’s entry into force.
• The European Court of Justice can impose financial sanctions of up to 0.1% of GDP to ensure compliance with national transposition requirements.

Conclusion

The fiscal compact introduces stronger fiscal rules, enhanced enforcement mechanisms, and transparent debt management practices to ensure fiscal stability and coordination within the euro area. It is seen as a positive step towards a more unified and stable economic and monetary union, although its full impact will depend on strict implementation and political commitment.