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The European Union Budget, the Importance of the Balanced Budget Rule and the Future of the Rule under Economic and Monetary Union

By Robert Ackrill


ABSTRACT The European Union budget is fundamentally different to national budgets in several respects. One of these is the presence of a balanced budget rule. Operational expenditures cannot exceed revenues in any year. The history and significance of this rule is discussed. It is argued this rule has been critical in forcing the EU to evolve a system of sound financial management, with the introduction of medium term financial plans and the way in which financial aspects of common policies are handled. It is argued EMU will be the most significant medium-term policy development to test the appropriateness of the balanced budget rule and that, for several reasons, the rule will survive intact

Topics: EMU, Balanced Budget Rule
Year: 1998
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