UK sticks to EU-style fiscal rules but that is about to change

In the UK, meanwhile, the painful plan for fiscal consolidation presented last Thursday by Jeremy Hunt, the chancellor, was driven by his fiscal rule that public debt should be falling as a share of gross domestic product five years from now.

This means the rules will no longer apply merely to aggregate fiscal quantities – as they have in the past and as Hunt’s rules do – but shape the composition and substantive content of taxation and spending. That should encourage better economic policy.The biggest contrast, however, is that EU members face rules enforced from the outside.

In contrast, the proposed EU rules would lay down a fixed path. Brussels hints that fiscal programmes could be aligned with member states’ electoral cycles. The ECB’s instrument against disorderly bond market movements has so far been received with less nervousness in markets than the Bank of England’s struggles to explain why it wanted to buy and sell gilts at the same time.

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