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Fiscal Stabilisers, Fiscal Rules and Fiscal Union
Fiscal measures to stabilise the cycle should be timely, temporary and targeted. In this perspective, automatic stabilisers are preferable to discretionary measures (see e.g. Taylor, 2000). They do not suffer from the lags due to legislative approval and implementation; they do not need explicit action to be terminated. Many of the channels through which they operate inherently benefit those most in need. […]