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Bending The Rules: The Strength Of Fiscal Rules In Europe May 05
Standard & Poors, May 2005
Abstract
Fiscal rules are a set of institutionalized fiscal policy targets or parameters that play a consistent and active role in the budgetary process of some sovereigns, either on an individual or multilateral basis. Although the Stability and Growth Pact (SGP), applying to all EU countries, is probably the most widely known multilateral rule, some countries impose their own national fiscal rules that are often more successful in achieving fiscal stability and predictability. The United Kingdom, the Kingdom of Norway, Kingdom of Denmark, Kingdom of Sweden, and Republic of Finland (all rated AAA/Stable/A-1+), for example, all have longstanding fiscal rules that support strong public finances by European standards, with low levels of debt, low structural fiscal deficits--or indeed surpluses--and above all,...
Companies mentioned in this report are: Denmark (Kingdom of),Finland (Republic of),Norway (Kingdom of),Sweden (Kingdom of),France (Republic of) (Unsolicited Ratings),United Kingdom (Unsolicited Ratings),Germany (Federal Republic of) (Unsolicited Ratings),Italy (Republic of) (Unsolicited Ratings),Portugal (Republic of),Hellenic Republic,European Central Bank (Unsolicited Ratings)
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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