Fiscal Stability Code

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In 1999 the British finance minister Tony Blair's cabinet, Gordon Brown, led to the adoption of the Code for Fiscal Stability. It was aimed at minimizing the temptation of politicians to manipulate monetary policy. Fiscal Stability Code

The Fiscal Stability Code puts the so-called " medium-term objective, which is a commitment to finance all current expenditure of current budgetary receipts. Therefore, the budget deficit, which would be the source of coverage for the increase in indebtedness, is only acceptable for the financing of public sector investments.

The determination of the medium-term objective for the government is justified by the fact that the actual size of the budget deficit is often subject to significant fluctuations during the business cycle, even in spite of unchanged tax rates. Brownie's "gold rule" of public finances means that as the long-term public debt grows (as a result of public deficit financing), production should increase and tax revenues should rise, preferably without recourse to increased tax rates. Bibliography

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