EU MEMBER STATES FISCAL CONSOLIDATION 2013

To: The Right Honourable The European Parliament President Mr. Martin Schulz

From: Athinarayanan Sanjeevraja

Date: June 19, 2013

RE: Eurozone Member States Government Wage Bill

Suggestion: Adopting country specific context of expenditure consolidation and tax expenditure to eurozone fiscal consolidation.

Good Morning Mr. President. Let me start by paying my respects to you and through you to. Mr. President. I am writing to the European Parliament since 2009. My recommendation to the European Parliament that we need to adopt to the country specific context of expenditure consolidation and tax expenditure to overcome the current challenges because options for expenditure consolidation and tax expenditure differ by country. Fiscal rules are less common in most of the member states. Some member states need to reduce deficits rapidly other have more room for manoeuvre. In addition, analogous fiscal rule do not support major crisis or recession in government finances but country specific institutional features will play a determinant role to fiscal consolidation in the short run. When all EU Member States comes under EU rules of 3 percent budget deficit limit and 60 percent debt to GDP limit we will impose analogous fiscal rule for all EU Member States. I recommended this policy my last year working paper but we didn’t implement this policy. European Parliament said that we need analogous fiscal rule for all member states. Indeed, analogous fiscal rule is vital for member states but not now. I still believe that analogous fiscal rule would not help European economies to overcome the current challenges in the short run because member states have different public expenditures and tax expenditures. But we can implement analogous pension reform for all EU member states to fiscal consolidation.

Mr. President, please accept, your Excellency, the assurances to reduce deficit and public debt of EU member States by adopting country specific context of expenditure consolidation and tax expenditures. This would turn out to be Europe’s biggest step forward to ensure fiscal consolidation and bring public finances back to sustainable path in the short run.

Sincere Regards,

Athinarayanan Sanjeevraja.

Athinarayanan Advisory Authority

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