As a result, the binding force of the budgetary rules is weaker than ever before – as we can see, for instance, in the budgetary developments in France, Spain, Portugal and Italy. One way of ensuring that the rules are binding would be to install a new and independent authority, a fiscal council.
However, this analytical toolkit must then be complemented by the real-world experience of practitioners, who can assist in translating the insights that come from research into practical policy solutions. Events like this are an attempt by our institutions to provide this holistic view which is essential to good policymaking.