The Independent Authority for Fiscal Responsibility (AIReF) publishes a technical document on fiscal governance reform, in which it proposes that each incoming government should propose a country-specific debt anchor at the beginning of its term of office and commit to a spending path derived from it for the entire legislature. This path, to be approved by Parliament and the EU authorities, would be the binding reference for the following four years. However, it could be modified in exceptional circumstances through the activation of an escape clause.
In this document, AIReF presents a proposal to reform the fiscal framework, with country-specific elements. The current fiscal framework has not been sufficient to design stable and predictable national fiscal policies and the consensus to reform it is unanimous.