INTRODUCTION TO THE SYMPOSIUM ON "HOW TO ACHIEVE FISCAL SUSTAINABILITY IN INDUSTRIALISED COUNTRIES"?

The papers in this symposium address fiscal sustainability within the context of aging related fiscal costs and argue that macroeconomic and political costs of delaying fiscal adjustments can be significant. The authors also analyse consolidation and reform programmes and confirm the importance of comprehensive fiscal consolidation programs that focus on recurrent public expenditure and growth incentives. A consensus seems to be firming up that fiscal rules help to contain deficit biases in fiscal policy and the proper functioning of EMU. [ABSTRACT FROM AUTHOR]