Global fiscal coordination key to efficient debt management, taxation
Global fiscal coordination can benefit individual nations and the world economy in several ways. Some of the proven benefits of fiscal coordination are improved economic stability by better handling of shocks, higher efficiency in trade and financial flows, and better policy outcomes. Fiscal cooperation can also lead to enhanced international cooperation between nations and smoother diplomatic ties.
Despite these obvious benefits, political pressures and difficulty in arriving at consensus act as hurdles to close fiscal coordination between nations. Also, several countries show a hesitation in compromising with their sovereign right over policy making. EGROW Foundation organised an online discussion on the topic with some of the world’s foremost experts presented their views on the subject.