The cost of the reform respects the objective of budgetary stabilization.

This work aims to shift the debate: from the goal of fiscal stabilization to the goal of macroeconomic stabilization.

EMU also needs a central fiscal stabilisation mechanism to enhance countercyclical stabilisation during severe recessions.

Of course, when the next recession hits, fiscal stability is likely to be in dangerously short supply.

Of course, when the next recession hits, fiscal stability is likely to be in dangerously short supply.

In this respect, financial flows from diasporas constitute an element of fiscal stabilization.

In this broad sense, fiscal stabilization may be a necessary condition for structural adjustment.

The Economic Recovery and Resilience Development Policy Operation in Chad follows an emergency budget stabilization operation implemented in 2017.

Fiscal stabilization cannot be relied upon to achieve both internal and external objectives of adjustment.

Second, we need to ensure that the EU fiscal framework delivers on its main objective: preserving fiscal sustainability while allowing room for automatic fiscal stabilisation.

In my view, it would also be a precondition for adding a layer of fiscal stabilisation at the European level.

But the President told you the day before yesterday that 2018 will be a year of budgetary stabilization.

So far, the EU has dispensed €1.6bn in what it calls macro-financial assistance, and €250m in grants for fiscal stabilisation.

The key difference was that fiscal stabilisation in the United States took place at the federal level, while the euro area lacked a central fiscal instrument to act counter-cyclically.

Significantly modernised and increased, backed up by own resources; a euro area fiscal stabilisation function is operational